The Federal Reserve has raised its policy rate four times since December 2015. But despite these moves, long-term interest rates remain roughly where they began, continuing a range-bound trend that has lasted years. Since 2012, the 10-year Treasury yield has touched 2.25% every year, often multiple times. Long-term rates may drift higher ― especially as the Fed starts to reduce its balance sheet over the coming months ― but are likely to remain lower for longer from a historical perspective.
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