If Fed Twists, It Won't Be "Like It Did Last Summer"

``Doing the Twist, as the supposedly plugged in sources describe it, the Fed would sell its shorter term Treasuries back to the Primary Dealers and buy an equal amount of longer term Treasuries from them. I guess the theory is that by pushing longer term rates even lower than they are now, this will magically transform the US economy into a growth dynamo. They apparently haven’t noticed that long term rates have been collapsing and that this has been accompanied by a weakening economy. They also haven’t noticed that Japan has tried variations of this theme for 15-16 years. Lots of good it did them.''