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The Fed's quantitative easing discouraged investing in government securities.

After the Federal Reserve pushed short-term interest rates to zero at the end of 2008, it turned to another tactic to help the economy: It began buying long-term Treasury and government-backed mortgage debt to push down longer-term rates. The green area shows the scale of the Fed's purchases in what became known as 'quantitative easing.'

Data from "Government Debt Management at the Zero Lower Bound" by Robin Greenwood, Samuel G. Hanson, Joshua S. Rudolph, and Lawrence H. Summers.
Interactive by: Pari Sastry.