Fed's Poole on the term structure of interest rate

In the speech 'Understanding the term structure of interest rates' given on 14 June, William Poole of the Federal Reserve Bank of St. Louis said long-term interest rates have stayed steady in the face of rising short-term rates because the economy, and Fed policy, have evolved as expected.

Poole said "distant" inflation expectations, which often affect long-term borrowing costs, have not changed dramatically in the past year.

"While certain data releases did surprise the market, over the period

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