At the end of today's trading, the 10 year treasury is yielding 1.81%. By comparison the 30 year bond is yielding 2.80%, which is a spread of almost 100bps. As shown in the chart below, this is fairly close to a multi-decade high. Earlier this year we reached a 150bps spread. At that point the spread was between 3% on the 10 year and 4.5% on the 30 year though. If the 10 year bond stays anchored, it's not inconceivable that the 30 year bond could hit the low 2% level. Given the duration of the long bond, that represents quite a high total return potential.