Metals prices are racing higher and Bitcoin is bouncing back above $10K. But long-term bond rates are still falling as the market looks at Fed accommodation for the long term and sees little to no threat from inflation.Gold ([[XAUUSD:CUR]], +2%) is setting new records as silver’s ([[XAGUSD:CUR]] +7%) breakneck rally continues.And Bitcoin ([[BTC-USD]], +8%) and Ether ([[ETH-USD]], +4%) are breaking out of their summer malaise.At the same time the longer end of the Treasury curve is under pressure, with yields on the 10-year, 20-year and 30-year falling. And the spread between the 10-year and 2-year yields has been shrinking since early June.The market looks to be pricing in near-zero Fed rates not just beyond the pandemic, but for a decade or more, echoing Japan, strategists say. This past month, fed funds futures again have been pricing in negative rates in 2021.Some of that belief is coming from the Fed’s consistent message that
