The initial valley in the 10 year yield was in July of 2012. The FED did not signal anything then. I think the last 4 months however can be qualified as dumping.
Also, the tail does not wag the dog. Where do you think the 10 year yield would have been without the FED's intervention? Probably at current levels or slightly higher. What's going to happen when they try to sell those bonds some day? And, at a loss I might add.
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