Fed Chair Jerome Powell officially announced the end of quantitative tightening and a new program of reinvesting in more US Treasury bonds or quantitative easing

QT means the Fed is letting bonds mature and roll off balance sheet, QE means they'll start buying bonds again - former tightens monetary conditions, latter eases

Purpose of QE is to push bond yields lower by Fed being buyer of last resort, theoretically making bond prices go higher and pushing investors into riskier assets like US stocks

Equity markets liked the news but 10-year yields didn't go lower - they rose marginally

As a matter of fact, they rose marginally

Bond investors may feel Fed move along with lowering short-end rates will spark inflation, making holding bonds less attractive and creating selling counterbalance to Fed's buying

Massive amounts of bonds Treasury has to sell in coming quarters to service massive and growing national debt and deficits could be influencing yields

Old adage 'don't fight the Fed' not holding true in current environment with significant other concerns, at least for now