Since last month, the yield curve has shifted upward in a parallel fashion, with most of the increase following a rise of 25 basis points in the federal funds rate. The bellwether 10-year, 3-month spread stands at 140 basis points, and the 3-year, 3-month spread at 113 basis points, both well above their historical averages.
Suggested citation: “Interest Rates,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-04, pp. 06, 04.01.1997.