Results for the 10-year Treasury yield, shown in Figure 3, are also remarkable. The sensitivity of the 10-year yield to news was never significantly less than normal over this period. Even in late 2011 and 2012, when medium-term Treasury yields were more constrained, long-term yields remained largely unaffected by the zero lower bound, except possibly in the last few weeks of 2012, when the 10-year yield’s sensitivity did fall appreciably below normal.