Expectations for monetary policy liftoff

Michael Bauer and Glenn Rudebusch

FRBSF Economic Letter, 2013, issue nov18

Abstract: The Federal Reserve has indicated that it may raise the federal funds rate from its current value near zero in 2015. This forward policy guidance is broadly consistent with expectations from business surveys on the most likely timing for the funds rate liftoff. It also appears in line with estimates of policy liftoff from forward interest rates derived from Treasury yields. However, in interpreting forward rates, it is important to account for the zero lower bound on interest rates.

Keywords: Federal; funds; rate (search for similar items in EconPapers)
Date: 2013
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