12 In this regard, the staff at the Federal Reserve continues to work on important issues raised by the events of October  12  Flash events that have occurred in recent years include, but are not limited to, the first “flash crash” in U.S. equity markets on May 6, 2010; the Treasury flash rally of October 15, 2014, the flash event in U.S. equity markets on August 24, 2015; the pound flash crash on October 7, 2016; and the turbulence in U.S. equity and VIX markets on February 5, 2018.
Effects of putting downward pressure on long-term interest rates  Effect of containing nominal interest rates First is the effects on long-term interest rates. Following the introduction of the QQE, as longterm interest rates rose compared with those immediately before the introduction, some questioned whether the policy transmission mechanism of putting powerful downward pressure on long-term interest rates was working effectively.