There is also the expectation that the FOMC will extend its zero to 0.25% federal funds rate target thought 2015.

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So perhaps bond yields are being held down not by QE, but by the expectation that interest rates will be held near zero for the foreseeable future.

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Given the expectation that the Fed will keep official rates near zero, economists say that means Treasury rates will remain at multi-decade lows as well.

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