Since April, interest rates have shifted downward. The bellwether 30-year rate dropped below 7%, and shorter rates responded similarly. Between April and May, the yield curve also steepened somewhat, with the 3-year, 3-month spread widening from 130 basis points to 135, and the 10-year, 3-month spread moving from 155 basis points to 166.
Suggested citation: “Interest Rates,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-06, pp. 05, 06.01.1997.