World equity markets experienced strong selling pressure yesterday as yield curves steepen across the globe and market fear relating to the debt ceiling comes to the forefront. 10-year U.S. Treasury yields have risen from 1.18% to 1.53% in under two months and are up from 1.32% just a week ago.

In light of the attention paid to the Fed’s next moves, we thought it prudent to examine what the Fed’s mandate (job) is, and what their actions can mean for investors in the marketplace.