While 10-year U.S. Treasuries yield just 2.4%, yields on 10-year German government bonds are a ridiculously low 1%, and 10-year Japanese government bonds yield a microscopic 0.507%. Yields this low tell us markets think GDP growth will remain anemic in the industrialized world for a while longer. Contrary to the naysayers, easy monetary policy won’t spur inflation. This gives Head Fed Yellen more time before U.S. rates must rise.