Market Expectations for Monetary Policy in the U.S. and Europe
On March 16, the Federal Open Market Committee (FOMC) released a statement saying it would hold the Federal Funds target rate at 0 to 1/4 percent, and that “low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.” The Committee also confirmed that the end of March would see the sunset of Fed purchases of agency mortgage-backed securities and agency debt, which have been executed in the amounts of approximately $1.25 trillion and $175 billion, respectively, over the past year.
In the present work, Von Mises criterion and its distortional energy density interpretation proposed for plastic mechanics is employed to study the effect of temperature on plastic yielding behavior of metal