Bond yields will continue to rise, but don't say that the Fed has lost control. Actually, this is Chairman Bernanke's gift to his successor as he heads toward the exit.
After printing 2.88 percent on Monday, 10-year yields have drifted back down to 2.82 percent. Very soon, taper talk will morph into actual tapering, and Treasury markets will have to get used to less Federal Reserve sponsorship.
(Read more: For bond investors, it feels a lot like 1994)