Despite the absence of any explicit policy action by the Federal Open Market Committee (FOMC), interest rates have fallen across the spectrum of maturities since mid-August. Thirty-year Treasury bond rates have dropped more than 60 basis ponts, while three-month T-bill rates are down about 10 basis points. Thus, the yield curve has flattened significantly, but it still slopes upward
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 95-12, pp. 02-05, 12.01.1995.