Current Monetary Policy in a Nutshell

Positive Real Yields Needed FRED - Personal Consumption Expenditures Excluding Food and Energy (Chain-Type Price Index) -Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity, Quoted on an Investment Basis -Federal Funds Effective Rate Percent Change from Year Ago, Percent 0 3 2 6 Core PCE 2 Year Treasury Fed Funds Effective Rate 2013 2014 2015 2016 1960 Shaded areas indicate U.S. recessions. UBB First for Your Success™ 1980 2017 2018 2019 Sources: BEA; Board of Governors 2000 2020 2021 2022 2010 fred.stlouisfed.org

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