ST. LOUIS, Mo. - St. Louis Federal Reserve Bank President James Bullard Thursday night said he doubted Fed policymakers will prolong the Maturity Extension Program or "Operation Twist" when it expires at the end of December, but said they could "replace" it to some extent.

Bullard, who will be a voting member of the Fed's policymaking Federal Open Market Committee next year, said the FOMC could sell securities dated longer than three years to finance purchases of long-term securities, but said that would be "problematic."

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