The two big stories of 2014 were the crash in oil prices and the decline in US interest rates.  Both were opposite of consensus expectations.

The S&P 500 charged ahead for a 14% gain, but West Texas Intermediate Crude Oil crashed by nearly 46%; and US 10-yr Treasury interest rates declined by over 27% (from 3.00% yield to 2.17% yield)

The price of the 10-yr Treasury bond had a bumpy ride (as the percentage price change chart below shows).

Overall interest rates were down for the year, except for a slight rise in shorter term rates — the shortest rates being essentially nailed to the floor by the Fed, but the market controlling the intermediate and longer term rates since the Fed stopped buying bonds last October.

This chart shows the yield of all Treasuries along the maturity curve for year-end 2014 in black; and the yield at the start of 2014 in dashed blue.  The entire curve shifted down, creating strong gains in bond prices versus the consensus expectation for rates to rise and bond prices to fall.   The curve is still steep, which stimulates economic growth.

Note the inverted yield curve (dashed gray) for the point in time during 2007 when the 10-year yield was at its peak.  An inverted yield curve is when the short-term rates are higher than the long-term rates.  That condition is slows the economy and tends to precede a recession.  That is a negative sign for stocks when it occurs.

The US Treasury market is still more attractive than other large developed markets capable of absorbing large flows of money, which will tend to moderate the upward movement of Treasury bond yields (prices will have a strong bid), as money migrates our way (particularly if the Dollar remains strong). This table of 10-year sovereign debt yields shows the comparatively attractive US bond market.  Given consideration of yield spreads, credit quality, currency trends, and debt market size; the US is a top country.