Operation Twist has been launched by the Federal Reserve, which is chaired by Ben Bernanke, as part of a drive to stimulate growth and reduce long-term interest rates - and the central bank said it is to purchase $400 billion of Treasuries that have remaining maturities of six-to-30 years as part of the project.
The body explained: "This programme should put downward pressure on longer-term interest rates and help make broader financial conditions more accommodative."
Meanwhile, the BoE's Monetary Policy Committee (MPC) has indicated a second round of quantitative easing could be in store - despite a majority voting against such action.
Indeed, most of the MPC noted a further asset purchase may be needed in the future to help loosen monetary conditions.
By Asim Shah