The New York Federal Reserve continued to buy back treasuries Monday as part of its effort to thaw the credit markets by injecting capital into the economy.
The New York Fed purchased approximately $2.5 billion worth of long-term securities with maturity dates ranging from August of 2019 to February of 2026.
The day's buyback saw strong interest, with dealers submitting a total of $11.64 billion in treasuries for the purchase.
Late last week, the government purchased approximately $7.5 billion worth of long-term securities with maturity dates ranging from September of 2013 to February of 2016. The amount offered by dealers for the buyback totaled $26.25 billion.
In the bond markets, treasuries are seeing some strength amid profit taking on Wall Street, driving the yield on the benchmark ten-year note down 1.4 basis points to 2.89 percent.
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