Figure 7 United States: Fed funds target rate and 10-year Treasury bond yields (percent; monthly data) 10 9 8 7 6 5 4 3 2  Federal funds target  1  10-year Government bond yield  0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Source : Thomson Reuters Datastream.
•  Very low levels of global long-term interest rates and asset price volatility after 2003. Long-term interest rates, which had fallen sharply after 2000, remained unusually low even after US policy rates started to be gradually raised in mid-2004 (Figure 7).