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The following is a visualization of the U.S. yield curve
(1M to 30Y tenors) from 1990 to 2022.
Rates at the long end continued trending lower even as Greenspan hiked the overnight rate in 2004-2005.
Bernanke maintained a 0% overnight rate for 6 years following the Global Financial Crisis.
Yellen began hiking rates in late 2015.
Powell reversed course when the global pandemic started, returning the overnight rate back to 0%.
Presented by Chartfleau