If I was the Fed, and I was having to buy nearly half of the Treasuries.. and I could see that sentiment was going away from Public sector to private sector and other governments were buying corporate bonds... I'd be tap dancing and singing some showtunes about how things are getting better too... Japan's exports are down ~40% y /y and they elected a government that doesn't want Treasuries denominated in USD.... the shipping indexes are as low as they can go and still have international commerce really... I'm not holding my breath here... USA rail shipping is very nearly at the same level as it was in March.... In my thinking the shipping statistics close the loop around all other bullshit..