N.Y. Fed buys $2.635 billion agencies under outright purchase program

By Jennifer Chiou

New York, Oct. 1 - The Federal Reserve Bank of New York announced the purchase of $2.635 billion more agency notes, this time with maturities from Oct. 15, 2013 to March 15, 2016, for settlement on Friday under its outright agency coupon purchase program.

The total par amount of submitted debt securities came to $5.855 billion.

The Federal Reserve's Federal Open Market Committee previously said it now expects to complete its purchases of agency debt by the end of the first quarter of 2010 instead of by the end of 2009.

As already reported, the Federal Reserve Bank of New York 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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