BIS paper digs into complex spillovers from US rates
Transmission at longer maturities and via bond markets is high
The spillovers from US monetary policy are more complex than is often thought and seem to have changed in recent years, a working paper published on August 4 by the Bank for International Settlements (BIS) finds.
Peter Hördahl, Jhuvesh Sobrun and Philip Turner examine the pass-through of US monetary policy in Low long-term interest rates as a global phenomenon. They find changes in short-term US rates have a relatively limited impact on long rates in other economies, but the impact from changes
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