When the bond market takes the printing press away from the Fed, life in America, and everywhere else where money printing is the main economic policy, is going to be very, very difficult. Bond and stock prices will be lower, which will hurt the asset side of everyone's balance sheet, and of course rising rates will put a damper on certain aspects of the economy, most notably housing, while increasing the interest expense on government debt (thereby increasing the deficit). When it is understood that the Fed can't solve the problems, there will be much more angst in general and hopefully, eventually, we will have to deal with the long-running contingent liabilities and deficit problem we have in this country, though that is getting rather far ahead of myself. In any case, I believe the Fed has already started to lose the bond market, and we might get more information on that topic this week.