Treasury yields fell today, after rising sharply on news of the Obama-Republican tax deal:

Treasuries rose, following the biggest two-day slump in two years, as yields at the highest level in six months lured investors on prospects the Federal Reserve will discuss a possible extension of purchases.

Ten-year notes rallied before the Fed meets next week to review its program to buy $600 billion of U.S. debt through June. The yield advantage of 10-year Treasuries over Japanese bonds increased to the widest in five months, boosting the allure of U.S. assets. Treasuries tumbled the past two days, pushing 10- year yields up by 35 basis points, the most since Sept. 19, 2008, when they fluctuated following the bankruptcy of Lehman Brothers Holdings Inc.

Those invisible bond vigilantes are a fickle lot.