Most of the time, longer-term rates are higher than shorter-term ones.

That promise was repeated as the economy grew, and it helped to keep longer-term rates low.

"I read that in the longer run to suggest lower longer-term rates as well."

The combination of expected slow growth and a tough Fed could bring longer-term rates lower.

In other words, the normal upward tilt of longer-term rates could return.

As a result the Fed is not going to do anything and I expect longer-term rates to continue to decline.

But longer-term rates are still lower at this point in a cycle of Fed rate increases than would be expected.

It isn't often that short-term rates are a good deal higher than longer-term rates.

The decline in longer-term rates now is reducing their alternatives.

While longer-term rates could keep dropping, too, there is a good chance that they are already near a bottom, several analysts said.