I stumbled into a couple of notes on the web this past weekend by some very widely read commentators concerning the advantages of using the 2 year note as a bench mark for the FED funds rate. What they fail to mention is that the FED is controlling (or at the very least having a marked impact on) the 2 year note rate by their bond/note buying operations. So we are to accept a bench mark that is set by the very organization that we are using it to measure. This is letting the fox run the hen house, or in other farm yard economics parlance, BS piled high and deep. After the FED stops its massive debt buying, then I agree the 2 year note set by whatever is left of the free market might work as a bench mark, but not now in this distorted perversion of a central bank jackboot to the throat debt market. It should be noted that the 2 year note is currently calling for a higher FED funds rate, albeit vastly below what the current inflation rate would suggest.