Employment declined by 0,7 per cent,  2  BIS Review 66/2009  with the private sector shedding over 45,000 jobs. Most of the forward-looking confidence indices indicate that a turnaround cannot be expected until at least later in this year. 3.3 These developments are also reflected in the financial markets.
As a result, decisions to buy additional assets—and the resulting additional downward pressure on term premiums—were not offset by expectations of a higher path for short-term interest rates. The end result was that there was greater potential for asset purchases to have a discernible effect on longer-term yields in the years immediately following the financial crisis than in current circumstances.