Evidence QE 2.0 is not working

The Fed instituted QE 2.0, a plan to purchase $600 billion of US Treasury securities, in order to suppress interest rates and stimulate an economic recovery.  The bond market isn't behaving, as the vigilantes are coming to the realization that Bernanke's injection of liquidity is purely inflationary, which will dampen growth, as the USDollar is debased.  Hence, yields are rising, exacerbating our humongous debt problems.  His war on deflation will eventually create hyperinflation, in my opinion.

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Disclosure:  no position in US Treasury bonds.