"U.S. Treasury yields and other interest rates
increased in the months leading up to the Federal Reserve’s December 2013
decision to cut back its large-scale bond purchases. This increase in rates
probably at least partly reflected changes in what bond investors expected
regarding future monetary policy. Recent research on this episode tentatively
suggests that investors moved earlier the date when they believed the Fed would
exit its zero interest rate policy, even though Fed policymakers made few
changes in their projections of appropriate monetary policy."
