<p>Rarely in the course of market events have so many been so wrong about so much. Two months ago, the pundits warned us that Japanese-style deflation was upon us in the form of collapsing bond yields. When the 10-year Treasury yield jumped to an intraday peak of 4.6% on Aug. 1 from close to 3%, we heard that soaring interest rates endangered the financial markets. Now the 10-year yield has settled down at the benign level of around 4.25%.</p>