Continuing its mandate to reinvest proceeds from maturing mortgage-backed securities into Treasury debt, the Federal Reserve Bank of New York purchased $900 million in Treasuries Wednesday. Dealers offered to sell the Fed $25.79 billion in debt. The three slices of debt purchased by the Fed include $131 million maturing Nov. 15, 2012; $345 million maturing Dec. 15, 2012; and $424 million maturing Jan. 31, 2013. At its meeting from earlier this month, the Federal Open Markets Committee directed the New York Fed to maintain the total face value of domestic securities held in the system open market account at about $2 trillion. Yields on 10-year notes that move inversely to prices, rose 13 basis points to 2.6%, after the sale, according to MarketWatch. Write to Jason Philyaw.
Jason Philyaw was a reporter with HousingWire through mid-2012.see full bio
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Jason Philyaw was a reporter with HousingWire through mid-2012.see full bio