No, actually yields on inflation indexed bonds went down to near 3% on the day the treasury announced it was eliminating issues of 30 year bonds, and now they are back up to 3.52%. That is a huge move. These puppies are essentially riskless if you hold them to maturity, but clearly not if you don't. The best deal in town of course was I bonds, until they dropped in November to 2% :(
Buffet also thinks there is about a 1.5% equity premia. That IMO might have been close to right when the market hit its bottom, but my guess is closer to half that at present. Of course, there are tax advantages with stocks outside of a tax deferred account.