However, taken together the movements in longer-term interest rates that occurred between the August and November FOMC meetings are strikingly similar to those on the prior announcement dates shown in the  4  A burgeoning literature focuses on the experience with asset purchase programs of the Federal Reserve and other central banks; for example, see D’Amico and King (2010); Gagnon and others (2010); Hamilton and Wu (2010); and Joyce and others (2010).
BIS central bankers’ speeches  3  table, bolstering the judgment that these securities purchases contribute to more accommodative financial conditions. One complication that arises in evaluating the contribution of portfolio balance effects to the observed movements in longer-term rates is that news about large-scale asset purchases may also influence investors’ perceptions regarding the likely path of short-term interest rates.