How is that QE(n) thing working?

Looking at the dynamic yield curve, treasury yields have risen about a half point, integrated across the curve. Even the short term rates nudged. So on this round can we say the Fed bought bonds high and sold them low? Unless other news has been overwhelming the curve, it is true, the Fed lost money, that is inflationary and indicates real growth.

Round one goes to the primary bond dealers, who get bonus pay for floating the excess cash. And to the firms which found real thing to do.

I do not know how much the Fed has spent this round, I assume they are spending at the usual rate of late.

The growth is confirmed:

It is worth noting the recent improvement in economic news:

• The October employment report showed a gain of 151,000 nonfarm payroll jobs, the most since April ex-Census. Expectations are for a similar gain in November, although probably not enough jobs added to push down the unemployment rate.

• The BEA estimated real GDP grew at a 2.5% annual rate in Q3. This is still sluggish, but an improvement from the 1.7% growth rate in Q2.

Calculated Risk
So, I have Ben wining a bet that he could lose money in a growing economy. Score one for Sumner. The Fed still has ammo this round, more ammo then it has spent. And the curve is noticeably steeper, we are expecting long term inventories to increase as near term consumption goes up.