Fisher Says Operation Twist Benefiting ‘Monied’ Interests
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Federal Reserve Bank of Dallas President Richard Fisher said the central bank’s plan to buy $400 billion of long-term bonds while selling the same amount of short-term debt is benefiting financiers and not aiding job creation.
The bond swap program, known as Operation Twist for its goal of bending the yield curve, has “so far been of greater benefit to traders and large monied interests than to job-creating businesses,” Fisher said today in a speech in Dallas.