Everyone assumes that Treasury yields will rise when the Federal Reserve announces that it will pare back QE.
Like most things that everyone assumes, this could be wrong. Indeed, it probably is wrong because everyone assumes it.
When the Fed begins to taper, we might actually see a fall in yields. For one thing, yields have already been rising in anticipation of the Great Taper. The 10-year is up 50 basis points since May. So the Great Taper selloff may already be priced in.