{"id":18559,"date":"2026-09-24T13:40:50","date_gmt":"2026-09-24T10:40:50","guid":{"rendered":"https:\/\/www.poleconomix.gr\/portal\/?p=18559"},"modified":"2026-09-24T13:40:50","modified_gmt":"2026-09-24T10:40:50","slug":"anatomy-of-a-rise-monetary-policy-and-the-post-covid-surge-in-long-term-interest-rates","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/anatomy-of-a-rise-monetary-policy-and-the-post-covid-surge-in-long-term-interest-rates\/","title":{"rendered":"Anatomy of a rise: Monetary policy and the post-Covid surge in long-term interest rates"},"content":{"rendered":"\n<p>Paul Beaudry Paolo Cavallino Tim Willems<\/p>\n\n\n\n<p>The sharp rise in long-term interest rates since 2020 is difficult to explain from slow-moving fundamentals. This column shows that narrow windows around nonfarm payroll releases and speeches by prominent Federal Reserve policymakers capture 80-90% of the observed increase in long-term US yields, despite covering only 24% of trading days. These events primarily shift expectations about the policy-rate path rather than the natural rate of interest. This suggests that natural rate of interest may anchor long-term rates less firmly than standard theory assumes, allowing shifts in monetary policy perceptions to generate persistent, and potentially self-validating, movements in yields.<\/p>\n\n\n\n<p>\u03a0\u03b7\u03b3\u03ae: VoxEU<\/p>\n\n\n\n<p><a href=\"https:\/\/cepr.org\/voxeu\/columns\/anatomy-rise-monetary-policy-and-post-covid-surge-long-term-interest-rates\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paul Beaudry Paolo Cavallino Tim Willems The sharp rise in long-term interest rates since 2020 is difficult to explain from slow-moving fundamentals. This column shows that narrow windows around nonfarm payroll releases and speeches by prominent Federal Reserve policymakers capture 80-90% of the observed increase in long-term US yields, despite covering only 24% of trading [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,4,38],"tags":[],"class_list":["post-18559","post","type-post","status-publish","format-standard","hentry","category-18","category-proposals","category-38"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/18559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=18559"}],"version-history":[{"count":1,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/18559\/revisions"}],"predecessor-version":[{"id":18560,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/18559\/revisions\/18560"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=18559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=18559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=18559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}