The fed rate commonly publicized isn't a bond rate. It's like the rate on a personal checking account. It can vary at the fed's desire. See https://en.m.wikiped

The fed rate commonly publicized isn't a bond rate. It's like the rate on a personal checking account. It can vary at the fed's desire. See https://en.m.wikipedia.org/wiki/Federal_funds_rate https://en.m.wikipedia.org/wiki/Federal_funds_rate. Changing that rate does cause impacts on the rest of interest rates (e.g. bonds), though.