Board of Governors of the Federal Reserve System

yields on Treasury securities while the spreads between yields on corporate...concerns about fiscal and banking developments in Europe resurfaced later

mirrors—and can be interpreted as—a measure of market participants' expectations...Treasury rate6 and $$y^1_t$$ is the 1-quarter Treasury yield. Figure 2

yields on longer-term Treasury securities and corporate debt as well as...fiscal policy, concerns about the strength and sustainability of the recovery

yields rose sharply across many advanced economies with much of the increase...outstanding—and the SOMA portfolio would be more heavily weighted toward

Policy and Economic DevelopmentsFinancial Stability Supervision and RegulationConsumer...and, as such, include some amounts that are based on management judgments

Fiscal Policy Chairman Ben S. Bernanke Before the Committee on the Budget...concerns: First, very low inflation increases the risk that new adverse

and, for such Account, to exchange maturing U.S. Government and Federal...fiscal agent of the United States pursuant to Section 15 of the Federal

fiscal dominance of monetary policy, the reality is that the size of the...yield curve would suggest banks would earn more from holding Treasurys

Policy and Economic DevelopmentsFinancial Stability Supervision and RegulationConsumer...and, as such, include some amounts that are based on management judgments

policy rate unchanged. We see the current stance of monetary policy as...concern is really about the series of legal attacks on the Fed which threaten