It is very possible that interest rates will drop further.
Even China has lowered bank reserve requirements to improve liquidity. Banks will lend at ~5.5% and the deposit rate is ~2.5%. The chase for yield in China should be like a tidal wave which the government can't control.
I've kept away from trading bonds. I can forsee 10y Tbills <.5% if the FED does raise rates but if they can't there could be big trouble and a bond short would be quite reasonable.
