I had one data error in my previous chart. I had a weighted average of 5.38 percent for July on May 31. The correct number is 5.17 percent. Following the Minutes of the Federal Open Market Committee May 2–3, 2023, the market got some of the Fed's message of higher for longer. Here is the key sentence from the minutes: "Respondents expected the peak rate to be maintained through the January 2024 FOMC meeting." The reaction is very noticeable from December on into next year. The overall net change from the May 3 post-FOMC Q&A meeting with the press to the release of the May 3 minutes is even more dramatic. For ... (full story)