The S&P 500 has gained 24% since April 1, but U.S. Treasuries have been almost entirely unmoved.
Why it matters: Since the Fed announced its QE4ever program (also known as QEinfinity) on March 23, the U.S. Treasury market has been effectively corralled.
Details: After moving from 1.88% on Jan. 2 to 0.62% on April 1, pricing in expected economic deterioration, the yield on the benchmark 10-year Treasury note has not closed above 0.77% or below 0.61% since.