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BoardofGovernorsoftheFederalReserveSystemInternationalFinanceDiscussionPapersISSN1073-2500(Print)ISSN2767-4509(Online)Number1392July2024MonetaryPolicywithoutMovingInterestRates:TheFedNon-YieldShockChristophE.BoehmandT.NiklasKronerPleasecitethispaperas:Boehm,ChristophE,andT.NiklasKroner(2024).“MonetaryPolicywithoutMovingInterestRates:TheFedNon-YieldShock,”InternationalFinanceDiscus-sionPapers1392.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/IFDP.2024.1392.NOTE:InternationalFinanceDiscussionPapers(IFDPs)arepreliminarymaterialscirculatedtostimu-latediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheInternationalFinanceDiscussionPapersSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.RecentIFDPsareavailableontheWebatwww.federalreserve.gov/pubs/ifdp/.ThispapercanbedownloadedwithoutchargefromtheSocialScienceResearchNetworkelectroniclibraryatwww.ssrn.com.MonetaryPolicywithoutMovingInterestRates:TheFedNon-YieldShock*ChristophE.BoehmUTAustinandNBERT.NiklasKronerFederalReserveBoardThisdraft:June24,2024Firstdraft:March25,2021AbstractExistinghigh-frequencymonetarypolicyshocksexplainsurprising...