Bond Vigilantes Beating Fed At Its Own Game

Apparently, market forces are beating the Fed in its attempts to artificially force interest rates lower. This daily chart shows the long, green spike in treasuries (30 yr) that occurred six weeks ago when the Fed announced it would buy long-term treasuries. That was the lower interest rates ever were. They have been rising steadily since, especially accelerating downward (higher interest rates) in recent days, despite that the stock market has been largely flat for a month!