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Federal Reserve Bank of New York President John Williams said policy makers are "thinking very hard" about targeting specific yields on Treasury securities as a way of ensuring borrowing costs stay at rock-bottom levels beyond keeping the benchmark interest rate near zero.
It's a mistake for the Fed to try to reduce long-term interest rates. In the vast majority of cases, falling long-term interest rates are associated with slower expected NGDP growth. Lower interest rates are not, by themselves, expansionary.
So why do I give one cheer for yield curve control? Two