Interest rates across the board have come down sharply in the past year, but this drop has not been completely even, as the flattening of the yield curve shows. Medium-term rates have dropped more than long- and short-term rates. The extreme steepness of the yield curves of late 1994 and early 1995 dramatizes the flatness of the current yield curve.
Suggested citation: “Interest Rates,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-02, pp. 05, 02.01.1996.