I am confused. I decided to try to learn about buying individual bonds, rather than using bond funds exclusively for my fixed income allocations. In studying what Vanguard and Fidelity have available, it appears that it is very difficult to find bonds that beat the money market. Now I realize that the MM could drop its yield again, and that if you hold a bond to maturity, you are more or less sure to get at least the yield to worst. However, it seems like a dubious proposition to buy a bond that will pay less than current mm yields, unless you strongly believe that interest rates will drop. What am I missing here?