The Federal Reserve's leadership has noticed the rapid rise in longer-term interest rates; they appreciate the economic damage that might inflict; and they'll take that into account in setting policy. Why it matters: Those takeaways from two speeches Monday helped reverse — for the moment, at least — an extraordinary bond market sell-off that has sent mortgage rates and corporate borrowing costs skyrocketing. But the nuanced message doesn't signal a reversal of the Fed's "higher for longer" rate message. Driving the news: Philip Jefferson, the central bank's No. 2 official, said, "I will remain cognizant of ... (full story)