Yields rose during QE 1, 2 & 3. When QE 1 & 2 ended yields slumped. During 2014 taper, run-off/QT phase yields again fell. But this time could be different, DB's Reid says, as up until 2017 US still had an output gap & very low inflation so any tightening was seen as risk to econ h/t Holger Zschaepitz
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