BIS central bankers’ speeches  1  effects of LSAPs on asset prices without reference to these other channels. In addition, according to the authors’ estimates, the “announcement effects” of the Treasury’s maturity extension policy seem to be only half the size of the effects of comparable Fed announcements.
The LSAPs tripled the Federal Reserve’s share of outstanding 10-year duration, from 12 percent to 36 percent, and had quite significant effects on the prices of financial assets. By most estimates, the 10-year Treasury term premium was deeply negative from mid-2011 through mid-2013; it remains near zero today, far below normal pre-crisis levels.