Because of the limited flow-through from short rates to long rates, a number of central banks have recently taken direct measures to reduce longer-term rates. One way they have done this is by giving commitments to keep short-term rates low for a long time. Central banks in the US, UK, Canada, New Zealand and Sweden have done this.
By signalling such a commitment, forward interest rate expectations are lowered, resulting in lower longer-term yields. The success of this measure in lowering term rates will naturally depend on how credible the commitments are. A second set of measures involves the central bank buying a large amount of long-term assets.