The 10-year yield is sensitive to falling inflation. The 10 Year yield curve (2.22%) normally starts to rise at the start of a Fed tightening cycle as bond yields start to rise. Historically, the Fed has started raising rates to combat rising inflation. That isn't the case right now with the CRB Commodity Index trading at the lowest level in 14 years (ETF DB CRB solid area). The main reason for the drop in the 10-year yield curve is the monetary global easing. It's true that the U.S. economy is starting to do better than most foreign markets which may justify a higher Treasury yield. Monetary easing in Europe and Japan, however, are keeping global yields at historically low levels. That's also keeping Treasury yields down. That's especially true in the eurozone with most bond yields in negative territory.