This policy affects directly the yield curve over the horizon at which policy operations are conducted or committed to be conducted. For instance, monetary policy operations with maturity of 6 months directly affect the 6 months interbank money market. This is particularly the case if the operations are conducted at a fixed rate, full allotment.
The horizon of the yield curve which is affected may be lengthened to the extent that the central bank commits to conduct such type of tenders for a given period of time.