In the next year or so, short-term rates will be 1 percent lower than they are now.

If so, short-term rates may stay at current levels for a bit longer.

At the time, short-term interest rates were only about 5 percent.

At the start of the year, short-term interest rates were 19 percent.

That step, he said, is another increase in short-term interest rates.

In response to both reports, short-term interest rates rose further.

That is also an important reason, he said, why short-term interest rates remain high.

As a result, they have already raised short-term interest rates five times this year.

The short-term rates are 3 percent higher than a year ago, which is why all the cash built up.

But the high funds rate had little if any impact on short-term rates, as is usually the case.