https://www.stlouisfed.org/on-the-economy/2023/jan/many-interest-rates-2022 Created Thu, 12/01/2023 - 21:30 Updated Thu, 12/01/2023 - 21:30 The one-year Treasury rate and the five-year, five-year forward rate on Treasuries told different stories in 2022, depending on whether one looked at nominal rates or real rates.