The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( Fisher Investments) -- 0.001%. As of the market close on Oct. 12, that's the reduction in the 30-year Treasury rate since Sept. 20, the day preceding the Fed's declaration that it would sell $400 billion of short-term Treasuries and buy $400 billion of long-term Treasuries. The target of this Operation Twist? Reducing long-term interest rates to theoretically spur more demand for financial instruments like mortgages. But unless we're misinterpreting the Fed's public commentary, it seems thus far Mr. Bernanke's Twist has been roughly as effective a monetary policy move as Chubby Checker's. Operation Twist is somewhat dubious policy. First of all, if the Fed seeks to lower mortgage rates, changing the composition of government securities on its balance sheet is only one tool. The Fed could have instead simply bought mortgage-backed securities (MBS) like it's done at points in the past few years. And in its Operation Twist announcement, the Fed announced it would change course and reinvest the proceeds of maturing MBS into additional MBS. So there you have it, they agree. But Operation Twist is more confusing than just that. Assuming it would be effective, the result would likely be a flatter yield curve. But that the Fed would embark on a policy with this potential outcome is quite head-scratching. Consider: the Fed itself has extensive research showing a steep yield curve (like the one existing today) is generally predictive of economic growth. So exactly why would we want a flatter one? There are myriad potential explanations. Perhaps the Fed accepts this potential result as it sees a flatter yield curve resulting from the Twist as a move to slow future potential loan growth that could turn banks' excess reserves of over $1 trillion into inflationary tinder -- almost a hedge against its previously announced intent to hold short-term rates ultra-low through next year. But that's pretty far out there and isn't what it said. And since neither we nor anyone else have devised a way install a mole inside Bernanke's brain, it's impossible to know for certain.