NEW YORK (TheStreet) -- U.S. Treasury yields have been declining since the new millennium began. With yields at or near record lows, there's a misperception about the U.S. Treasury market among Wall Street analysts and by investors. Most strategists have told investors to avoid U.S. Treasuries over the past few years because of what they describe as a bond bubble. They assume that investors just buy and hold bonds to maturity.I have not been in the bearish camp for Treasuries given the opportunities to "buy and trade." Yields are reluctant to rise significantly as long as the Federal Reserve keeps its pledge to keep the federal funds rate at zero to 0.25% until late 2014. The FOMC cut the funds rate to zero to 0.25% in mid-December 2008.