I think the Fed is tipping their hat. What I mean to say is They will support bonds into 2011. I would look at Late winter early spring '11 as a good entry into shorting the bonds. QE2 to begin Oct/Nov 2010. "Stealth Monetization" going on now--witness yesterday's action in the equities and bond markets. Waiting and watching. They are driving at inflation and are open about their efforts.