The U.S. policy setting
The Federal Open Market Committee sets a target range for the federal funds rate. The Federal Reserve implements policy using its operating tools. A policy target is not a promise that every lending rate or bond yield will equal it.
Avoid a common comparison error
For a hypothetical policy range of 4.00% to 4.25%, the midpoint is 4.125%. A bond yield of 4.40% is a separate market observation. Calling the two values the same rate would obscure what each measures. These figures are invented examples, not current policy data.
A useful research record
Write down the institution, exact rate name, effective date and source. For a market yield, add the instrument and observation time. Separate a decision already announced from expectations about a future meeting. This makes comparisons auditable without assuming a particular market response.
Sources & method
Sources support the referenced concepts. Numerical examples are hypothetical unless stated otherwise. A link does not imply endorsement.