The most trusted rule in markets is don't fight the Fed. It is a myth, and the bond market has been betting against it for years. Everyone cites 2013 as proof the Fed is in control. The taper tantrum. Rates spiked when the Fed hinted it would stop buying bonds. But look closer. Rates rose only because the market briefly agreed with the Fed, more growth ahead. Then the Fed actually started tapering. If the Fed set rates, bonds should have fallen. They rose instead. The market had rejected the whole thesis. It was never reacting to the Fed. It was disagreeing with it. The studies agree. Dozens of them found QE moves rates about half a point for every 10 percent of GDP spent. Almost nothing. The market sets interest rates. Not the Fed.