Love Yourself Some Treasuries

Dec. 13 (Bloomberg) -- The Federal Reserve usually startsto raise its federal funds rate before economic expansions arevery old. This time, however, any move toward higher rates willprobably have to wait until the wave of deleveraging, and therelated slow growth, has ended.

Continuing annual growth in real gross domestic product ofabout 2 percent compares with a rate of 3.4 percent in the post-World War II years through 2007, when the recession began. Undernormal circumstances, deleveraging after major financial crisestakes a decade to complete; this round started in 2008, and ithas four or five years to go.