The Fed is a follower not a leader and will not raise rates until 10-Year T Notes start moving north. They are still low because the Obamacare economy is still in the crapper with 93 million people un-or-underemployed.
That's definitely true
and will not raise rates until 10-Year T Notes start moving north
Sort of true. But the other dynamic is that the bond prices are high (causing low rates) because people expect the Greatest Fool, the Fed, to buy that crap from them. If people thought the Fed would stop buying Treasuries, the price would drop to the floor and yields would skyrocket. And of course the Fed would not want that. But your point about the struggling economy (100 million not working) is very valid too. It is a combination of both.