Skip to main content

What are US OIS rates really telling us about future Fed policy?

US overnight indexed swap (OIS) rates have been driven down by a confluence of factors, some of which are unrelated to expectations for conventional monetary policy. As a result, caution should be exercised when using them to infer the expected path of the federal funds rate far into the future. 

Subscriber content

Read this in full, free

Start a free trial and use one of your 10 free starter credits to unlock this piece.


Free. 10 articles. No card required.

By completing this form you are agreeing to our Terms and Conditions for the provision of a free trial of Capital Economics' services. We take your privacy seriously and will not share your details with others without your consent. By providing your details, including your email address, you are consenting to Capital Economics sending you macroeconomic commentary and analysis. You can unsubscribe at any time. See our Privacy Policy for more information.