Now, from October to December of this year, the Fed will let about $10 billion worth of Treasury and mortgage bonds expire each month instead of exchanging them.
But for many actors in the economy, the ten-year yield is more important and tangible, because it serves as a benchmark for everything from corporate bonds to mortgages.
The continent's financial firms borrow and lend €11.5trn ($12trn) every year in its " repo" markets, in which the firms post bonds as collateral in return for short-term funding.