Figures 1 through 3 plot the results of this analysis for three-month, two-year, and 10-year Treasury securities, respectively. The solid blue lines show estimates of how sensitive the particular Treasury yield was to news in recent years, compared with the yield’s average sensitivity in the 1990s. Periods when the blue line is close to the horizontal line at 1 in these figures represent times when that Treasury yield responded fairly normally. Alternatively, periods when the blue line is close to the horizontal line at 0 represent times when that Treasury yield was largely or completely unresponsive to news. The range of uncertainty around the yield estimates is shown by the dotted lines above and below the blue lines.