Economics, Econometrics and Finance
4 years ago

Interest Rates Puzzle Solved: Economic Stability Drives Down Long-term Yields

Cracking the Conundrum
David Backus, Jonathan H. Wright

Paper Summary

The FOMC raised interest rates, but long-term rates fell. The main reason is a decrease in the term premium due to less economic and market volatility, more predictable monetary policy, and the stage of the business cycle.

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