Citadel Securities said the Federal Reserve has remained unwilling to tighten monetary policy even after inflation stayed above its target, leaving long-term U.S. Treasury yields at multi-year highs and creating risks for markets. Noshad Shah said policy rates are now 175 basis points below their peak, yet long-dated Treasury yields remain near their highest levels in almost 20 years. He warned that the recent improvement in inflation should not be interpreted as meaning interest-rate risk has disappeared.