For an ETF investor with exposure to 10 - year and longer - dated debt through
funds such as the iShares 7 - 10 Year Treasury Bond ETF (IEF A-51) and the iShares 20
+ Year Treasury Bond ETF (TLT A-85), this period of quiet in the
fed funds rate looked like this for their portfolios:
After that, there is no effect, so far, except to say that the yield curve is already flattening, and that the
Fed my end up stopping much sooner than many expect — including the FOMC and their «dot plot» which expects a 2 %
+ Fed funds rate in 2017, and 3 %
+ in 2018.