20 August 2026 | 10:31AM EDT Economics Research Global Markets Daily: Fed Communication And Term Premium Fed Communication And Term Premium The shift in the Fed's communication approach has raised uncertainty around the policy path, supporting a pickup in volatility across the curve in US rates (Exhibit 1). While visible throughout the curve, the pickup has been most pronounced at the front-end, suggesting an important role of the reduced transparency in driving that volatility. Higher uncertainty around th ...