Robert Perli is the New York Federal Reserve official responsible for implementing monetary policy:

  • says the Treasury market is functioning smoothly, no dysfunction
  • the U.S. bond market is functioning well amid recent volatility
  • rising yields are being driven more by uncertainty over the economic outlook as opposed to shifting views of monetary policy
  • “In general, if factors such as the longer-run fiscal balance or the prevalence of supply shocks over demand shocks going forward will be the drivers of term premiums, it is possible that term premiums will stay higher than they used to be for some time"

His comments come from prepared remarks for a speech at a conference.

New York Federal Reserve
New York Federal Reserve