There was a humorous link posted the other day talking about Bernanke being "angry" at rising yields in the face of his plans to buy long term bonds (never mind the plans to sell short term ones). The long bond had a mini rebellion and from that spike, it is now consolidating.
There are so many balls up in the air all at once as the GSR decides its course, interest rates decide theirs and the Fed Chief decides his. Risk is in play all around and somehow I think this plays heavily into Bernanke's heretofore dovish orientation in the face of an improving economic backdrop. He knows just how ephemeral (always wanted to use that word in a post :-)) something built from nothing can be.
Anyway, here's the updated view of yields...