US Treasuries: Was the Fed’s purchase programme a success?

The effectiveness of the Federal Reserve’s $300 billion Treasury securities purchase programme has been subject to much scrutiny since its launch in March. But as former Fed governor Laurence Meyer explains, the debate should extend beyond a simple analysis of the effect on yields.

The Federal Reserve’s $300 billion Treasury securities purchase programme, announced on March 18, 2009, has been a bone of contention since its inception. The scheme was intended to “improve conditions in private

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