The article discusses how changes in monetary policy, specifically the federal funds rate, impact interest rates in various credit markets. The federal funds rate influences many other interest rates, like those for deposits, home loans, and corporate loans. However, the effects of these changes can differ across different credit markets. For example, while the federal funds rate may closely affect the three-month Treasury bill rate, it might have a less direct impact on home loan rates. This shows that changes in monetary policy can have varying effects on different types of credit markets.