Craine, Roger; Martin, Vance - In: Contributions to Macroeconomics 9 (2009) 1, pp. 1819-1819
In June of 2004 the Fed began relentlessly tightening policy. They raised the Federal Funds Target (Target) from 1% to 5 1/4% in 1/4% increments at seventeen consecutive meetings. While short rates dutifully followed the Target up, long maturity rates actually fell. Alan Greenspan in 2005...
