How Did Short-Term Market Rates React to Liftoff?

Renee Courtois Haltom and Alexander Wolman

Richmond Fed Economic Brief, 2016, issue September

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.

Date: 2016
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