From the FOMC statement today:
In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.
And the resulting change in the yield curve today (data from US Treasury Department, see previous post for more information) below. The 5-year yield constant maturity yield derived from on-the-run securities dropped quite a bit – but there is also a $35 billion auction today (see auction results announcement).
