Fed funds are extremely low at just 10 basis points today. It's common for the Fed to make this adjustment at the start of a new quarter and probably will not last more than a few days. QE2 and the rest of the global race to devalue currencies continue to keep rates low across the curve. High-yield bonds are particularly affected as investors reach for yield and drive up the prices of these securities. The high-yield/10-yr. spread, at 349 bp, is approaching its historical low of 325 bp several years ago.