Long-term interest rates tend to rise as monetary policymakers increase short-term interest rates. This relationship didn't hold, however, during the recent U.S. monetary policy tightening cycle. Between June 2004 and June 2006, the Federal Open Market Committee increased the federal funds rate...

In light of recent research findings, Michael J. Dueker and Andreas M. Fischer review the 1996 policy posture of the Federal Open Market Committee (FOMC), the monetary policymaking body of the Federal Reserve System. They find several areas in which the FOMC's policy positions were consistent...

This article was originally presented as a speech at the Ozark Chapter of the Society of Financial Service Professionals, Springfield, Missouri, October 6, 2004.

Presented in London, U.K. Addressed members of various financial institutions on Wednesday at the UBS Macro Dinner in London.