  Using the descriptive method of log-periodic power laws (LPPL) based on a
theory of behavioral herding, we use a battery of parametric and non-parametric
tests to demonstrate the existence of an antibubble in the yields with
maturities larger than 1 year since October 2000. The concept of ``antibubble''
describes the existence of a specific LPPL pattern that is thought to reflect
collective herding effects. From the dependence of the parameters of the LPPL
formula as a function of yield maturities and using lagged cross-correlation
calculations between the S&P 500 and bond yields, we find strong evidence for
the following causality: Stock Market $\to$ Fed Reserve (Federal funds rate)
$\to$ short-term yields $\to$ long-term yields (as well as a direct and
instantaneous influence of the stock market on the long-term yields). Our
interpretation is that the FRB is ``causally slaved'' to the stock market (at
least for the studied period), because the later is (taken as) a proxy for the
present and future health of the economy.
