I was one meeting too early (http://gaurav1.blogspot.com/2008/10/will-fed-cut-to-0-next-week.html)
Anyone who was shorting US treasuries has been hammered, as I wrote 2 days ago (http://gaurav1.blogspot.com/2008/12/inventory-writedowns.html). Japanese bonds went all the way down to 1%. But yes, I agree that at 2.25% for 10 yr bonds, inflation risk is getting underpriced. I am getting tempted to buy TBT..