Joshua Younger on the Treasury Market: Structure, Stressors, and Potential Reforms
Macro Musings with David Beckworth
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The Portfolio Balance Channel of Monetary Policie
The Fed can influence the path of expected interest rates, but it's subject to a mandate that has a lot of weight on price stability. So this theory would say that over the long run, fundamentals are ultimately shaping interest rates. The inflation shock of the past year or so has not really moved five year, fiveyer, or five year for five year interest straight. But when you look out further, the view has generally been, at least of the market, that they are going to be successful in doing so.
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