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  • Mon, Dec 3 2012
  • 2:36 PM » Fed's Bullard: replacing "Twist" should not be 1-for-1
    Published Mon, Dec 03 2012 2:36 PM by Reuters
    (Reuters) - The Federal Reserve ought not replace on a one-for-one basis its expiring 'Operation Twist' program of $45 billion in purchases of longer-dated Treasuries a month because that may risk inflation, a senior U.S. central banker said on Monday. St. Louis Federal Reserve Bank President James Bullard said fresh outright bond purchases to replace Twist, in which the Fed sells shorter-dated securities for longer date bonds, would have more impact on inflation and inflation expectations. Operation Twist expires at the end of the year. "If the goal is to keep policy on its present course, the replacement rate should be less than one-for-one," Bullard said in remarks prepared for delivery to the Little Rock Chamber of Commerce. (Reporting By Alister Bull; Editing by Neil Stempleman)
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