The Fed is hoisted on its own petard

FED EFFORTS TO STEM RISES IN YIELDS BACK ON THE TABLE IN 2021

The risk for this year is for yields to continue rising and the curve to continue steepening, which raises the likelihood that in the coming months the Fed begins to discuss the possibility of increasing the weighted-average maturity (WAM) of QE purchases, or resurrect the possibility of yield curve control (YCC).