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In the end of 2012, the Federal Reserve introduced a program that has been referred to as “operation twist”.
What did this program do?
Lowered interest rates so low that they became negative.
Expanded the money supply by buying mortgage backed securities.
Took the money from matured short-term bonds and reinvested them by buying longer-term securities.
Provided liquidity to fragile markets through a credit auction.
Provided credit directly to consumers, bypassing the banking system that was not granting loans.