bower: Update command: not working at all

Environment:

Mac OS 10.9.1, Bower 1.2.8, Node 0.10.20

Steps to reproduce:

1. Create a new folder on the desktop.
2. Open terminal and cd to your new folder.
3. Run this command: bower install jquery#2.0.1
4. Run bower list and verify that jQuery 2.0.1 is installed.
5. Run bower update
6. Run bower list and find that jQuery 2.0.1 is still installed and that Bower reports 2.0.3 as the latest available version.

Expected Results:

After running bower update, jQuery 2.0.1 should be replaced with jQuery 2.0.3.

Actual Results:

jQuery is not updated to the latest version available.

Extra information:

1. Adding --force and/or --force-latest has no effect.
2. The presence of a bower.json file in the project’s root folder has no effect.
3. Note that I’m using jQuery as an example — the same issue manifests for all packages I attempt to update.
4. I have some old projects lying around that have older versions of various libraries (jQuery, Foundation, etc) that were installed using Bower, but were installed without a specific target hashtag. That is, I did: bower install jQuery to get the latest version available at that time. These projects also fail to update if I run bower update on them.

Other

I’m not an expert with bower, but according to every tutorial I can find online, the above process should automatically update my installed components to the latest available versions. Apologies in advance if the reason for the failure is a misunderstanding on my part.