If you believed the song and dance out of Bernanke about QE2 being some super cool magic trick to lower yields, we can say it's been an abject failure. The 10 year yield in late August when the Jackson Hole event occurred was in the mid 2%s; this morning we've hit 3%. But if you did not fall for that song and dance, hook line and sinker and thought QE2 was much more about asset price manipulation (which Ben admitted to - partially - in his editorial a few weeks ago), you can say QE2 has been a success.
On the plus side, yields will generally rise when economic activity improves so hopefully this is the reason for the move.
The "Short TLT" (iShares Barclays 20+ Year Treasury) trade I had on about a year ago, appeared to have been "very early" (Wall Street parlance for 'wrong') but has finally kicked in lately.
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