N.Y. Fed to purchase more agencies under outright purchase program

By Jennifer Chiou

New York, Dec. 18 - The Federal Reserve Bank of New York announced that it will purchase additional agency notes, this time with maturities from Jan. 7, 2014 to April 18, 2016, for settlement on Tuesday.

As already reported, the Federal Reserve's Federal Open Market Committee said it expects to complete its purchases of agency debt by the end of the first quarter of 2010 instead of by the end of 2009.

The Federal Reserve Bank of New York also previously said that agents acting on behalf of its Open Market Trading Desk will gradually reduce the size and frequency of individual agency debt purchases.

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