Money and Financial Markets
Short-term interest rates have been trending downward since late 2000, moving roughly in tandem with changes in the federal funds rate. In fact, the downward trend has moderated since late July, with yields on three- and six-month Treasury bills staying essentially constant during a period when the federal funds rate held at 1%. The one-year Treasury bill rate has varied considerably more during this period.
Suggested citation: "Money and Financial Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 03-11, pp. 05-07, 11.01.2003.