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Q. Has it worked? A. It's impossible to know for sure. Many economists think Operation Twist has helped keep rates on mortgages and other consumer and business loans near record lows. But given how low rates already are, few think the extension of Operation Twist will lead to much more borrowing. Q. Where does the name come from? A. The Fed took similar steps in 1961, soon after the inauguration of President John F. Kennedy. It first called the program Operation Nudge, because it was intended to nudge long-term interest rates lower. But at the time, Chubby Checker's record "The Twist" was popular, hitting the No. 1 spot in late 1960, and the name "Operation Twist" stuck instead.
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