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The bonds are, in fact, long-term securities.
The Fed is now buying $85 billion a month of long-term securities.
Normally, such a move would push up yields on both short-term and long-term securities.
Paul Klemperer, an economics professor at Oxford University, points out that very long-term securities carry very low interest rates.
The Fed is therefore trying to operate on a different margin, swapping short-term for long-term securities.
Of course, capital gains taxes can be avoided entirely by donating appreciated long-term securities, instead of cash, to charity.
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There was also perhaps a feeling that securing long-term security for the Asian Greeks would prove impossible.
It's good for long-term security.
And legitimacy is essential for maintaining long-term security.
It is vital to Israel's long-term security.
It offers long-term security with no exit fees.
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