Per your graph, if the Fed is only slowing the rate of increase in 10 yr rates, then The Comedian needs to post that great photo of the mom and little girl in the roller coaster. If the Fed can’t control interest rates by buying “excess” treasuries from the Primaries, then the rope is slipping through the fingers. I hope you are wrong but I fear you are correct. The Fed, ultimately, cannot control interest rates in a global market without folks like me living in dirt floor huts... Gloom and doom prevails...
Anyone who thinks the Fed can control any but the overnight rates doesn’t know anything about history.