To the extent the sustained rise in real yields is reflecting an improved economic outlook, can we not attribute some of that improvement to QE2?
. . . and shows a chart of the last several months of 10 Yr Treasury yields. Sure enough, they're going up.
Does it mean much? Maybe not. Here is an up-to-date long-horizon chart from Yahoo Finance, showing where current yields are now, in a 30-year-long downward sloping trend channel that I eye-balled in.
There was a big underthrow almost 2 years ago. Since then - pretty much business as usual.
As long as the curve is bounded by the trend lines, there's no real evidence that anything has changed.
Deja vu. I made the same post, with more thoughtful commentary, about 6 weeks ago. Today's chart is new, with data from Yahoo gathered today.