San Francisco Fed paper identifies strong QE signalling channel

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A San Francisco Federal Reserve paper, published on Monday, says the Federal Reserve's large-scale asset purchase programme had a sizable impact on long-term yields by lowering expectations of its future monetary policy stance.

Glenn Rudebusch and Michael Bauer, the paper's authors, measure the term premia of interest rates in the US following the announcement of the Federal Reserve's quantitative easing programmes to examine its contribution to the decline in yields on long-term US Treasuries.

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