Which of the following statements is FALSE?

Group of answer choices

Fisher effect states that high expected inflation is associated with high nominal interest rates.

Bonds with a high risk of default generally offer high yields.

Fundamentally, all interest rates are set by the Federal Reserve.

Interest rates on debt instruments (e.g., bonds or loans) vary with the term to maturity of debt instruments.

The Federal Reserve implements its interest-rate policy through its influence on the federal funds rate.