That's the finding of a new paper from Eric Swanson, a professor at the University of California at Irvine who is a former researcher at the San Francisco Fed. … Swanson found that while big announcements from the Fed might have a temporary effect on short-term yields, the impact of bond buys, which totaled in the trillions and quintupled the Fed's balance sheet to about $4.5 trillion in assets, was deeper and longer-lasting.

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