The Bubblemeister panicking?

[Brad De Long]

>
>In response, it appears that the Fed has been making coupon passes
>(outright buying of Treasuries, essentially printing of money) at an
>unprecedented rate: ten since 4/19, including two today for a total of
>$1.6 billion. A couple of questions:
>

I have never understood how the Fed decides where on the yield curve to
intervene--whether to limit its purchases to the short-term Treasury bills
that are near perfect substitutes for the Federal Funds that it says it is
watching, or to buy and sell longer maturities...

Brad DeLong