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BISWorkingPapersNo1195TheasymmetricandpersistenteffectsofFedpolicyonglobalbondyieldsbyTobiasAdrian,GastonGelos,NoraLamersdorf,EmanuelMoenchMonetaryandEconomicDepartmentJuly2024JELclassification:F32,E43,E52,G12,G15Keywords:Spillovers,monetarypolicy,yieldcurve,capitalflowsBISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)TheAsymmetricandPersistentEffectsofFedPolicyonGlobalBondYields∗TobiasAdrian†GastonGelos‡NoraLamersdorf§EmanuelMoench¶June26,2024AbstractWedocumentthatU.S.monetarypolicyshockshavehighlypersistentbutasymmetriceffectsonU.S.Treasuryandglobalbondyields,withaclearbreakaroundtheGreatFinancialCrisis(GFC).PriortotheGFC,tighteningshocksusedtoleadtoapronouncedhump-shapedincreaseofTreasuryyieldsacrossmaturities.Yieldsusedtorespondlittletoeasingshocksastermpremiumswouldrisestrongly,offsettingtheassociateddeclineofexpectedpolicyrates...