The central bank is selling short-dated notes and buying an equal number of longer-duration issues in an effort to drive down borrowing rates and boost risk.
For fixed income investors, inflation-lined bonds would be preferred over sovereign bonds, and short-dated securities would be best over longer-dated securities.
That meant both short-dated and long-dated interest rates were practically the same, with no immediate advantage to investors investing on a three-month or a five-year bond.
