The 10 year yield is nearly up 30 basis points already since Sep 8. Many analysts call for above 2.5 before the year is out. Is there a specific date the Fed will scale back it's repurchasing or has it already started? CNBC says the Fed is expected to reduce it's purchases of treasuries and mortgages by by 10 billion this month. Blackrock CIO expects Fed to unload 50 billion assets each month next year. From what I gather this will cause rates to rise... and towards the longer end of the curve? Should we expect to see a steeping 2-10 yield spread? Traders often viewed an increase in rates as 'risk on', perhaps this is a thing of the past in this new era of Fed manipulating rates higher. Instead it could now signal central banks trying to unload and unwind the consequence of QE over the past decade? What's your thoughts?