Similarly, on the bursting of the dot-com bubble in 2002, despite the Fed reducing long-term rates post-2002, the earnings yield of the S&P500 rose consistently for the next decade from 4 percent to 9 percent, while long-term Treasury yields fell from 6 percent to 2 percent. Only after the then-Fed chair Ben Bernanke, launched a longer-term quantitative easing program called QE3, did the S&P500 earnings yield begin to move in a weak correlation with the 10-year nominal interest rate (although the gap between the E/P metric and the 10-year nominal rate remained considerable for at least the next decade).