(Bloomberg) -- Google searches for “Operation Twist” surged in India after the central bank announced its version of the U.S. Federal Reserve’s unconventional monetary policy.
Most searches for the term came from Maharashtra, the state that’s home to the financial hub Mumbai, and could climb through the day. The benchmark 10-year yield plunged by the most in more than two months following the central bank’s announcement Thursday evening.
The Reserve Bank of India will buy longer-tenor bonds while selling shorter debt. The concept is similar to Operation Twist used by the Fed in 2011-2012 in an effort to cheapen long-term borrowing and spur bank lending.
The maneuver, however, dates back to the John F. Kennedy administration in the early 1960s, and got its name from Chubby Checker’s hit song, “The Twist,” according to a report from the Federal Reserve Bank of San Francisco.
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