To ensure price equality, they committed to performing the so-called switch transactions – exchanging one bond for the other. Central banks worldwide also took action. Some central monetary institutions have already adjusted their strategies and goals (and many are planning to do so).
In contrast, money (bank deposits) becomes relatively attractive as a store of value, given the price-stability pledge of the central bank. Ironically, this leads to an apparent breakdown of the historically-proven quantity-theoretic relationship between real activity and money stock. Moreover, not only is the policy rate very low, but so too are longer risk-free rates, judged by historical standards.