Record Low Real U.S. Treasury Yields
The situation is even more extreme for the 5-year inflation protected Treasury security, where the yield is now -0.14%, that's right a negative number. This is also a dramatic drop from about 0.5% in the beginning of 2010 and about 2.1% in the beginning of 2009.
Some investors are thus so desperate to invest in Treasuries, that they're willing to pay the U.S. federal government to borrow their money, instead of the other way around.
You can say a lot of things about bond markets today, but definitely not that they're rational.