Same reason very intelligent fund managers are buying 10y TSYs yielding 2.8% despite inflation giving them a NEGATIVE 5.2% real yield: Everyone thinks that 5 y

Same reason very intelligent fund managers are buying 10y TSYs yielding 2.8% despite inflation giving them a NEGATIVE 5.2% real yield: Everyone thinks that 5 years out, everything will be rosy. The metalworker saving 0.6% on a 5/1 ARM vs a fixed 30yr is using the same mental gymnastics that J. Poindexter on Goldman's bond desk is, that central banks are omniscient, omnipotent, and will always magic away the risk inherent in our decisions.