Is the Federal Reserve Still Capping Long-Term Yields?

I feel like when people talk about pivot, the focus is really on short-term interest rates. In that world, even though the Fed Reserve did a drastic action to inject liquidity and restore stability to the funding markets globally, they still get to 5.25%. And I don't consider that a pivot. The Bank of England has already broken that tradition. They went in and started to effectively do quantitative easing on the long end at the same time that they're hiking the short end. So we could definitely see some idiosyncratic moments where the Fed funds rate is still going to 5%. But they're also doing some operations on the longend.

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