As the Federal Reserve winds down its third round ofunprecedented stimulus, one thing has become increasingly clear inthe bond market: The U.S. economy just isn't going to grow enoughto upend demand for Treasuries.

While more than $3 trillion of debt purchases since 2008 havehelped the U.S. recover from its worst recession in seven decades,bond-market indicators for long-term inflation, growth, and fundingcosts are all lower now than they were at the end of the centralbank's first two rounds of quantitative easing.

Investors' diminished outlook for the economy could helpprevent an exodus from the $12.2 trillion market for Treasuries andcontain long-term borrowing costs for the government, companies,and consumers as the Fed moves toward raising interest rates. Afterdemand for the benchmark 10-year note this year pushed down yieldsby almost half a percentage point, to 2.61 percent, implied yieldsnow suggest investors don't foresee them increasing to 3 percentfor at least another year.