It may be a weak analogy, but every U.S note and bond auction reminds me of a gambler that goes to the roulette table one too many times. Sooner or later, the result is going to be catastrophic. Every Treasury auction required to raise funds to fill the trillion dollar deficit hole and to refinance the maturing notes and bonds from the $15 trillion debt increases the probability of a failed auction by a tiny bit. Given that there are now typically four or five note or bond auctions every month, it seems like the U.S. Treasury is making an awful lot of trips to the table.
So far, my fears have been totally unfounded. I had to go back and double check the results of the yield curve from the most recent Treasury auction as upon first glance the interest rates seemed impossibly low. As of 11/15 the 10 year notes are only yielding 2.06% and the 30 year bonds are only yielding 3.1%: