The recent chaos in emerging markets has driven investors into U.S. Treasuries. The flight to safety has helped push down interest rates, with the yield on the 10-year bond now 2.6 percent. Although that is higher than the 1.5 percent of last summer, it is considerably lower than the 3 percent the 10 year yielded last month.
This decrease in rates creates another opportunity -- perhaps the last one for this rate cycle -- for Uncle Sam to borrow. A broad assortment of long-term projects requires attention and low rates make it the ideal time to renovate America's decaying infrastructure.