In addition, policymakers can implement policies such as large-scale asset purchases (LSAPs) that affect the size and composition of the balance sheet: By purchasing longer-term securities in the open market, the Federal Reserve reduces the quantity of such assets  3  The extent and origins of the global decline in neutral interest rates are much debated.
Among the likely contributing factors are population aging, a slowdown in the rate of productivity growth, and changing attitude toward risk. For a discussion, see Fischer (2016). The most recent SEP appeared as an addendum to the minutes of the December 2019 FOMC meeting. See Board of Governors (2020). -5available for purchase.