After Twist, What Is the Fed's Next Move?

``Capital Economics, a research firm, said in a separate report that the Fed "doesn't have any more short-term Treasury securities to sell, at least not with maturities of less than three years."... Now, said Ned Davis Research in a report last week, the Fed is likely to replace Operation Twist with purchases of Treasuries, perhaps in the $45 billion a month range, bringing its total monthly purchases to $85 billion.''