The bond purchases are intended to keep long-term borrowing costs down and encourage borrowing and spending.
But the short-term borrowing that finances it would also bid up short-term interest rates.
After years of high interest rates, a modest public-debt swap in 2010 cut short-term borrowing costs.
The recent spike in Spanish long-term borrowing costs suggests that global investors are starting to agree with them.
Portugal is a good candidate for this if it is able to continue tapping the market for longer-term borrowing.
The country is not as reliant on short-term borrowing as were its neighbours.
Countries also are divided over the treatment of repurchase agreements, a form of short-term borrowing for dealers in government securities.
The Q3 results also indicated that Nokia had EUR 288 in currently maturing debt and EUR 1.1 billion in short term borrowing.
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They are particularly interested in covering the extended loan customers, who are the most at risk of being upended by short term borrowing.
As part of the program, the central bank sells short-term Treasurys and buys longer-dated ones in an effort to keep long-term borrowing costs down.
If the detailed information suggests rates could stay lower for longer than currently expected it could help reduce long-term borrowing costs for homes and businesses.
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The gap between Spanish and German long-term borrowing rates also reached a record high, as did the cost of insuring against a Spanish sovereign default.
But Mr Tucker suggested that efforts by banks to build up liquidity - cash, or nearly-cash to fill short-term borrowing needs - were less welcome.
Careful debt-management strategies that avoid short-term borrowing or the bunching of maturities and hedge against interest-rate or exchange-rate swings should come high on the agenda.
But why pass up the undeniable cost advantage of short-term borrowing?
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The Fed instead extended its Operation Twist program aimed at keeping long-term borrowing costs low by selling short-term Treasurys and putting the money into long-term bonds.
The transactions in question, known as "window dressing, " involve repurchase agreements, or repos, a form of short-term borrowing that allows banks to take bigger trading risks.
As we went to press, Mr Draghi was to put flesh on his pledge to limit the cost of medium-term borrowing by governments (and hence companies).
Another factor that is not well understood is that even such shorter term borrowing is just borrowing back some of the increased savings flowing into the personal accounts.
An IMF study, based on the defaults of the 1970s, recently found that default added about 50 basis points, on average, to the offending government's medium term borrowing costs.
None of the big New Zealand banks currently meets the new threshold, and because longer-term borrowing is dearer, the central bank expects lending costs to increase by 10-20 basis points.
Italy's short-term borrowing costs rose at an auction of six-month bonds, which were sold at a gross yield of 1.24%, up from 0.73% at a similar auction a month ago.
Commercial paper represents 47.7% of GE Capital's short-term borrowing.
The Co-op Bank refused to be interviewed for Money Box, but did give a statement in which it said that its authorised overdraft is designed for customers who need a "significant short-term borrowing facility".
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Mortgage REITs, which use short-term debt to buy longer-term mortgage securities, also are at the greatest risk if interest rates rise because that would increase their short-term borrowing costs and cut the value of the mortgage bonds that they hold, possibly resulting in losses and reduced dividends.
In a world where Rwanda debuts in long-term market borrowing and pays 6.8% for a 10-year bond, as happened a few days ago, Portugal borrowing at 5.7% seems a smaller victory than one might originally have thought.
Under the asset purchasing programme the central bank buys bonds in order to keep the long-term cost of borrowing down.
On the bond markets, the Spanish government's long-term cost of borrowing fell slightly, to an implied interest rate of just under 6% for 10-year debt.
However, when central banks pay interest on reserves or a deposit facility, this interest rate is rarely the one used to set the target for short-term private sector borrowing rates.
There's not much room for complacency when the Spanish government's long term cost of borrowing is edging toward 7.3% and it has just paid more than 5% to borrow for one year.
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