Dr. Lorenz Weimann
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Quantifying the impact that the central banks have on yields has become a trickier business. Whereas prior to the global economic and financial crisis of 2008/2009, key rates were the only monetary policy instrument that could be used to explain long-term yields, unconventional monetary policies are now also extremely significant when it comes to determining yields. The bond purchase programs, in particular, are having a direct impact on long-term interest rates without being accompanied by any variation in key interest rates.