When the US Federal Reserve gave indications in the summer that it would begin scaling back on its $85 billion/month bond-buying program - known as quantitative easing (QE), financial markets were quick to react. Market watchers were confident that if the economic recovery in the US continued to show signs of improvement, the Fed’s tapering decision would be a certainty come Fall. In reaction, bond yields started rising: the 10 year Treasury bond rose 110 basis points from April until September.