Using thresholds instead of dates and open-ended outright purchases instead of "Operation Twist" turned monetary policy more effective, Federal Reserve Bank of St. Louis President James Bullard said Thursday.

"Open-ended outright purchases are a more potent tool" than "Operation Twist," Bullard told a banking forum in Mississippi, according to prepared text released by the Fed. The earlier program, he said "may not have been as effective as hoped."

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