IT'S A DEFLATIONARY EPOCH:

The most closely watched U.S. interest rate metric -- the 10-year Treasury note yield -- again skidded below 1.3% Thursday, a level where it last traded in February, prior to last week. It was at 1.32% Friday. The surprise and swift decline is being blamed on a number of things, including short-covering, technicalities, peaking growth -- and the Fed.

The 10-year yield is important since it has been a foil for tech stocks. When it has fallen, tech and growth shares have mostly risen lately. It also influences mortgage rates and other consumer and business loans. Many strategists had expected the 10-year to hold at higher levels and march toward 2% or above by the end of the year.

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