What happens to 10yr yields when the Fed ends its QE program? Not what you, or the market, was expecting, eh?
History appears to be repeating itself as the chart below shows. 10yr rates and, shorter and longer rates too, rallied at the end of each QE program. They rose during the QE and dropped at the end of the QE. The pattern appears to be repeating itself.
US 10yrs hit peak their recent peak at the beginning of Jan at 3.05% and today sit at 2.71%.