The U.S. Federal Reserve on Friday launched a wave of $37 billion of Treasury se...
- The U.S. Federal Reserve on Friday launched a wave of $37 billion of Treasury security purchases under the enhanced market liquidity measures it announced on Thursday to address volatile conditions in the government bond market caused by the coronavirus outbreak.
The purchases account for roughly half of $80 billion in planned monthly purchases that the Fed adjusted this week to include a wider range of maturities. That was a notable shift from its previous approach, which focused on short-term Treasury bills and was described as a “technical” program aimed at boosting the level of reserves in the banking system.
It was the latest move by the Fed to keep financial markets operating smoothly. On Thursday, it announced $1.5 trillion in short-term loans available to dealers, the third time this week it has increased the cash available in short-term lending markets. The New York Fed said it will adjust purchases “as needed to foster smooth Treasury market functioning” and plans to post a revised schedule.
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