That is, it is the total size of the purchases that affects bond yields and financial conditions including the exchange rate, rather than how many bonds the https://www.rba.gov.au/speeches/2021/sp-dg-2021-05-06.html  12/26  5/6/2021  Monetary Policy During COVID | Speeches | RBA  central bank is buying each week. Clearly the two are closely related.
*  *  *  Thanks to Ron Feldman, David Fettig, Terry Fitzgerald, Paul Schreck and Sam Schulhofer-Wohl for their assistance with these remarks and the supporting materials. I want to thank Marshall and other ICBM officers and members for inviting me to your annual conference.