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Look at the 3-month (90-day) commercial paper rates. They're split into different data sets on the FRED site[0][1], changing in 1997.

I combined them into a single chart here: https://ibb.co/h7c7DJS

(Is ImgBB a good site? I stopped using imgur after too many dark patterns)

[0] https://fred.stlouisfed.org/series/WCP3M

[1] https://fred.stlouisfed.org/series/DCPF3M

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Seems like it came down after 2007 and 2000 highs at similar levels. But who knows, maybe US government will leave it high. Maybe they will bring it back down to juice asset prices. Maybe the parameters of the world have changed to not allow that.

> maybe US government will leave it high

Although the Fed can backstop commercial paper in emergencies (and they did so at the beginning of the pandemic), it's extremely unlikely that they start taking on enough to move rates in the medium term (like they did with mortgage backed securities). So this is not a rate that the government controls except very indirectly.

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