Here's The Evidence That It Wasn't QE That Drove Down Long Term Rates - The Wall Street Examiner

``... in January of this year the ECB opened the window for allowing repayment of the emergency LTRO funding program of late 2011 early 2012. The money flows into Treasuries reversed when the Treasury carry trades that that cash had funded began to be unwound. The chart below illustrates both the impact of the ECB funding on the trend of Treasury prices, and the lack of impact of the Fed's QE, which apparently was mostly funneled into US equities.  The trends of the ECB's balance sheet and Treasury prices correlated closely. The Fed's balance sheet trends and Treasury prices did not correlate at all.''