Using the 3-mon eurodollar interest rate futures, I construct a yield curve each year for 2015-2021 using sampling date from the end of the month. If you graphed this out, you would see that the curve is shifted down each year. What I guess that is saying is that as time goes on, the market expectation for the interest rates is declining. That assessment is quite the contrary to the fed policy's tapering of asset purchase. If the fed is reducing buying assets, the rate should go up, but why would the market expectation on interest rate go down?
1/2/14 1/31/14 2015 0.6274% 0.5574% 2016 1.5723% 1.4198% 2017 2.7359% 2.4620% 2018 3.6504% 3.2965% 2019 4.2711% 3.8773% 2020 4.6554% 4.2679% 2021 4.8879% 4.5192%