Somehow Zero hedge is not as easy for me to follow as it is for everyone else. He supports his idea with this plot but he doesn't say where it came from nor just what it's showing, but here are the Tbill rates as determined by the free market:
What we got is that for years now overwhelming supply and demand factors have been forcing rates lower across the board. Anything else is static that we can write off to anything we feel like.
mho...