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發表於 2011-6-22 23:23:36
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Another tidbit to add context to today’s Federal Reserve announcement that it would buy up to $300 billion in longer-term Treasury securities:
The last time the Fed purchased long-term Treasuries was back in the 1960s during the Kennedy administration, according to Joseph Brusuelas, a director at Moody’s Economy.com.
The project, started in 1961, was called “Operation Twist.” It was intended to lower long-term interest rates (to stimulate investment) while propping up short-term interest rates (to attract capital from abroad and support the dollar). Economists generally seem to think the experiment flopped, though Fed policy has changed so much between then and now, and the experiment was on such a small scale, that it’s hard to draw too many conclusions on how a second “Operation Twist” would fare today. |
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