Interest rates on U.S. Treasurys, and a long list of business and consumer loans linked to them, keep moving lower, but this isn't the work of the Federal Reserve. The appetite of bond buyers who expect interest rates to remain low for years is driving the rates steadily downward. The rate on two-year Treasury debt dipped below 0.5% on Friday, reaching a historic low. The interest on 30-year fixed-rate mortgages is less than 4.5%, another record.

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