Changes in the federal funds rate affect the interest rates on Treasury securities

Sources: Board of Governors of the Federal Reserve System and Federal Reserve Bank of New YorkEmbed Download image
Notes: Data are presented on a calendar year basis. Data for 3-Month Bills are pulled on the first of the month and used until the next first-of-the-month in the data. In December 2008, the Federal Open Market Committee began to target a range, rather than a specific rate, for the federal funds rate. For the chart, the average of the target low and target high is visualized. The grey shaded areas represent recessions.