Quantitative easing isn’t hitting yet

This final note today, what you might call an addendum to the numbers. For all the talk about quantitative easing there’s been — yes, here and elsewhere — the Fed didn’t actually start spending that $600 billion ’til last Friday. Remember, all that extra money that’s getting out there is supposed to bring long term interest rates down.

Turns out, though, the bond market doesn’t really care what Ben Bernanke thinks. In the two days the Fed’s been buying bonds, the yield on the 30 year bond has actually gone up.

So there.