In the context of that sentence, I was referring to the bonds bought by open market operations, which are primarily US government bonds and would not include pr

In the context of that sentence, I was referring to the bonds bought by open market operations, which are primarily US government bonds and would not include private label subprime RMBSs. The kind of close-to-risk-free bonds bought in open market operations are all fundamentally the same because they simply move money from one point in time to another.