You've confused cause and effect. Declining expectations for NGDP growth/uncertainty lead to funds searching for yield in the credit markets, leading to declin

You've confused cause and effect. Declining expectations for NGDP growth/uncertainty lead to funds searching for yield in the credit markets, leading to declining yields. Bond yields declined prior to Fed intervention [0] [0]: https://fred.stlouisfed.org/series/DGS10 https://fred.stlouisfed.org/series/DGS10