Kozicki, Sharon; Sellon, Gordon - In: Economic Review (2005) Q IV, pp. 5-33
begin the process of raising its federal funds rate target back toward a more normal level. At the time, there was …, longer-term rates actually declined as the funds rate target rose. Indeed, in August 2005, after the Federal Reserve had … raised its federal funds rate target from 1 percent to 3½ percent, the yield on the benchmark 10-year Treasury note remained …