Since the Federal Open Market Committee (FOMC) announced an expected 1/4-percentage-point increase in the federal funds rate at it's March 25 meeting, short-term interest rates have changed very little. As of April 29, the three-month Treasury constant-maturity yield had fallen five basis points (b.p.) from it's March 28 level, while the yield on one-year maturities had declined two b.p. Long-term interest rates were also relatively constant over this period.
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-05, pp. 02-04, 05.01.1997.