I think they're really all about sucking out capital from equity markets to bond markets, regardless of how much interest payments shoot up, because you can always QE that later. S&P still way overvalued I think they're going to keep pushing to bring it down and smother the wealth effect, I think the pain will be around 2800 -3000,

What I am interested in is how high other markets can push their interest rates to combat capital moving to the US for that risk-free rate, either you raise your interest rates to slow down the bleeding, or you let your currency get creamed .