The Fed has these auctions but it auctions them off at what price the public will pay, so the Fed doesn't determine the term structure.
联储局公开拍卖债券,但只有当公众愿意以特定价格支付时,这些债券才能成交,所以联储局不能决定期限结构
耶鲁公开课 - 金融市场课程节选
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