What appears as wave c (or (iii)) is in progress.
The FOMC meetings are political shows. Reasoning behind votes is sparse and discussion of the real issues occurs off-record. There is no mention of the increasing risk to the Fed balance sheet and the difficulties they will encounter if the private marketplace liquidates bonds before they do. Likewise there is no mention of the high prices paid for the treasuries and the potential for loss in the first place. Maybe they really believe that they can control the long end of the yield curve.