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How Did Short-Term Market Rates React to Liftoff?, No. 16-09

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How Did Short-Term Market Rates React to Liftoff?, No. 16-09

DATE: September 2016

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ABSTRACT: The implementation of monetary policy has changed significantly since 2008. In particular, very large excess reserves in the financial system have led to the creation of new tools to manage the federal funds rate. Given these changes, some observers have wondered how money market interest rates would respond to "liftoff," the Fed's first interest rate increase from effectively zero. Since liftoff in December 2015, it appears that the Fed's influence over short-term interest rates remains intact.

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Haltom, Renee Courtois , Wolman, Alexander L. and Federal Reserve Bank of Richmond. "How Did Short-Term Market Rates React to Liftoff?, No. 16-09," Economic Brief (September 2016). https://fraser.stlouisfed.org/title/6034/item/583952, accessed on May 23, 2022.

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