Bond Bubble Breakdown. Martin Feldstein, April 22, 2013, Opinion. "Near multi-generational low bond yields, driven at least in part by US Federal Reserve asset purchases, have pushed the question of whether or not the bond market is a bubble to Top of Mind. We ask three experts if there is a “bond bubble”: Martin Feldstein (Harvard and NBER) – yes and the Fed is entirely to blame; Francesco Garzarelli (GS rates strategy) – no, but yields look expensive and the market is too complacent about rate hikes; and Paul McCulley (former PIMCO partner) – absolutely not and the Fed has done everything right..." Link verified April 3, 2014