 As you're asking about the effects of this work or the implications of this work for monetary policy What I'm talking about is that until about the year 2000 short and long-term interest rates both move together a lot Since 2000 it seems that a daily frequency short-term interest rates and long-term interest rates have co-moved more than ever But a lower frequency in six months changes that relationship has weakened or gone away So this is documenting something that is relevant for how we think about the reactions to news It's very common for central banks to look at the immediate effect of a particular announcement on asset prices And I think the key implication of this is that the Immediate effect may not be the same as the longer-run effect and short-term effects can be too big