Edward Yardeni suggested the 10-year yield could hit 3.75 if oil continues to slide. We've seen movement this month, so another 17 basis points could happen. It's cautious downward movement in the short term as yields reflect lower oil prices impacting inflation.

Yields are moving cautiously down. The impact of lower oil prices and inflation correlation suggest the 10-year could go to 3.75. We must watch inflation volatility, which is persistent and may keep yields elevated, but near current levels in the short term.