The real test comes later this month when the Treasury has to renew about US%500 Billion and the FED will not be there supposely. Maybe things go well, but if there is a lack of demand, it could affect bond prices .i.e yields. Add to this the politization of the debt ceiling, and European debt crisis,and you've got a potential meltdown in bond prices and derivatives. Buckle your seats.
Today is a reaction to the poor job growth. Interest rates should be going up soon unless there is another recession/ no growth and qe3. Interest rates will go up regardless if the US defaults on its debt in a few weeks. I'm still in; seems to me at worst this is dead money and probably less risk than other options.