Moreover, Treasuries are now yielding 5.4 percent to 6.9 percent, depending on the term.

In 1955, long-term Treasuries yielded less than 3 percent.

Investors should look to short- and intermediate-term issues, rather than the riskier, longer-term ones, they say; a 5-year Treasury, for example, is yielding 6.36 percent.

By late yesterday a five-year Treasury was yielding 5.48 percent and a 10-year 5.50 percent.

Yesterday, a 10-year Treasury was yielding 5.94 percent, compared with 1.88 percent on a Japanese 10-year issue.

Now our worry about inflation is less, so Treasuries should yield less, not more.

So sooner or later, maybe a year or two, I think Treasuries will yield no more than 5 percent, maybe less.

The two-year Treasury yielded 2.82 percent, down from 3.5 percent before the terrorist attacks.

And in case you haven't been paying attention, 10-year Treasuries have been yielding less than the fed funds rate for much of this year.

Because 10-year Treasuries are still yielding less than that, stocks are said to be the better buy, according to many market watchers.