Salient to Investors:

Bank of America Merrill Lynch’s MOVE Index signal that the zero to 0.25 percent range won’t increase for more than 2 years, a bullish sign for bonds.

Krishna Memani at OppenheimerFunds said the Fed has been very articulate about the direction of short-term rates, which is entirely data drive, and nobody expects that data to improve enough to satisfy the Fed anytime soon.

James Evans at Brown Brothers Harriman said the Fed’s debt purchases are helpful on the margin, but to many in the bond market the rate guidance is more important, and this is keeping Treasury yields low.

Michael Schumacher at UBS says investors will face huge losses from a big jolt in yields when the Fed reduces its support.

Bill Gross at Pimco says asset-price irrationality is rising after years of record low Fed rates.

The median economist expects 10-year yields of 2.25 percent at the end of 2013 and GDP to grow 1.8 percent in 2013.

Richard Gordon at Wells Fargo said the Fed is not going to stop buying bonds anytime soon because the economy has not reached escape velocity and we don’t have any real inflationary pressures.

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