In an ideal world, the Federal Reserve would release to the public a complete specification of its policy rule, relating the FOMC's target for the federal funds rate to current and expected economic conditions, as well as its economic models, data, and forecasts.
II.2  Financial markets  In the global fixed income markets (see slide 6), the flattening of yield curves throughout the second and the third quarters of 2005 has been something of a puzzle. More recently, worries about global inflation, mainly driven by high oil prices, seem to have reversed the decline in long-term bond yields, at least temporarily.