I think the 10yr yield has hit a bottom. The decline is reflective of the lower US GDP growth, but I think that will reverse. Along with the 'sustained growth' Jamie Diamon talked about the other day, market mechnics are in play with the Fed no longer buying.
With the chatter coming out of the EU lately, especially from Merkel, we will not see it pose a systemic threat as we did last year. (That is what caused the massive decline in yield last year.)