Which of the following factors is NOT considered when evaluating fixed-income securities?

When evaluating fixed-income securities, several factors are critical for assessing their value and performance potential. Federal Reserve policies are often assessed in relation to the broader market and economic conditions, but they are not a direct feature of the fixed-income securities themselves. Instead, they influence interest rates and market conditions which can affect the attractiveness of fixed-income investments, but they are not specific parameters for evaluating an individual bond or security.

In contrast, the coupon rate is essential because it represents the interest payment that the bondholder receives, directly affecting cash flow and investment return. Yield to maturity is a crucial measure that reflects the total return anticipated on a bond if held until it matures, providing insight into the bond's overall profitability. Call provisions, which indicate whether a bond can be redeemed by the issuer before its maturity date, are also key considerations as they affect the bond's risk and potential return profile.

Thus, while Federal Reserve policies may impact the market environment for fixed-income securities, they are not a direct characteristic of the securities themselves, making them less relevant when evaluating individual fixed-income securities.