The effect of monetary policy on long-term interest rates is usually:

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Monetary policy typically has a stronger effect on short-term interest rates than on long-term interest rates. This is because short-term rates are more directly influenced by central bank policy, while long-term rates are influenced by a wider range of factors such as inflation expectations, economic growth, and global financial conditions. Additionally, long-term rates are often affected by factors that are outside the control of monetary policy, such as demographic trends and technology shifts. Therefore, the effect of monetary policy on long-term rates is generally smaller than on short-term rates.

The Effect of Monetary Policy on Long-Term Interest Rates Is