Five year rates getting mighty low.

CrossWall Street posted this chart and made this comment:

The five-year T-note (^FVX) is under 3% today. Six months ago, it was going for 5%. Notice how you never hear the media talk about "irrational exuberance" or "runaway bubbles" in the bond market.

These rate levels make me nervous about bond prices too. Perhaps it is just anchoring to what have been much higher yields for most of my life.
The bond market may be in a bubble, but it may be sending a message that the recession is going to be very hard and very steep.