But the Fed is doing QE, which is buying longer maturity treasuries, creating artificial demand, which lowers interest rates. Short-term treasuries and the fed

But the Fed is doing QE, which is buying longer maturity treasuries, creating artificial demand, which lowers interest rates. Short-term treasuries and the fed rate are also directly related. Increase the fed fund rate, and short-term treasury interest rates will have to go up as well to remain competitive.