Bond Market

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6 month Treasury
2 Year Treasury
10 Year Treasury
30 Year Treasury
Municipal Bond Index
High Yield - Junk Bond Index

6 Month Treasury

2 Year Treasury

10 Year Treasury

30 Year Treasury

High Yield - CCC or Below

High Yield - Junk Bond Index

Arguments for Inflation

In simple terms you have to much money (demand) chasing to view goods and services (supply).

Concerns:

The Fed is printing a ton of money

M1 Money Supply to Real GDP

Federal Government Debt to Real GDP

Link: U.S. Debt Clock

Arguments for Deflation

In simple terms you need cash & credit to create the demand necessary to push prices higher, in an age of deleveraging you have less credit to create that demand so competition puts downward pressure on prices.

Concerns:

Consumer Credit Outstanding
Interest payments on the national debt reduces potential for Federal spending
Velocity of Money Supply (money is not changing hands fast enough)
Debt Held by Foreign Investors

Consumer Credit Outstanding to Real GDP

Interest on National Debt

Velocity of Money Supply

Total U.S. Debt Held by Foreign Investors

Debt Held by Foreign Investors as % of GDP

Global bond yields have only been this low in 2 other times in the last 500 years.

source: Business Insider

By far the biggest player in the game is the Federal Government. On that score it's important to note:

2016

Source: www.whitehouse.gov/omb/budget (see The Budget / Summary Tables, Page 100)