And the government has pushed short-term interest rates to 15%.
If central banks move out of such securities, that could push American interest rates higher.
He is apparently in no hurry to start pushing rates back up.
"There's still some upside, even at these levels, but we don't see enough to push interest rates below 6 percent."
The Government, he said, should worry more about rising inflation and a need later in the year to push interest rates up, not down.
But bonds recovered, pushing interest rates lower for the day.
It argues that the best way to do this is to push rates high enough, at least for a while, to slow the economy.
This means that the Fed is still likely to push short-term interest rates higher in the near future.
The governments must then push interest rates through the roof to stop capital flight.
He said a stimulus package could push long-term interest rates back up to 8 percent.
