Short Term T-Bills yielding WAY less than the FOMC target range of 2.25-2.5%. Isn't the FED supposed to provide a floor/ceiling for short term rates in that range?

My understanding is that the FED controls the short end of the yield curve and is supposed to hold rates in that range. The ENTIRE curve up to the 10-year bond is well below the lower end of the range currently. 4-week bills are only 2.11% as an example. After taxes and inflation the ENTIRE yield curve is actually negative up to the 30-year.

Source: https://www.treasury.gov/resource-center/data-chart-center/interest-rates/pages/textview.aspx?data=yield

So what gives?

Submitted June 26, 2019 at 10:11PM by putLotionInTheB4sket https://ift.tt/2xi85Hi