That's the domain of the bond market. In general, the bond market and the Fed have similar goals. When the bond market thinks the economy is growing too fast, it pushes interest rates up. A bond holder views inflation the way Dracula views garlic. A bond pays a fixed rate of interest, much like a pension.
Inflation eats away the value of a bond's fixed payment over time.
So when inflation looks likely, bond holders demand higher yields. When the economy seems to be slowing, bond holders accept lower yields, and rates fall. The Fed has been pushing rates down since January. Initially, long-term bond yields fell because the Fed was saying the economy was slowing. The bond market has pushed interest rates up lately, however.