The New York Federal Reserve continued its treasury buyback program Wednesday, part of its ongoing efforts to combat the effects of the recession by injecting capital into the economy.

The New York Fed purchased approximately $2.97 billion worth of securities with maturity dates ranging from April of 2010 to February of 2011.

The day's buyback saw strong interest, with dealers submitting a total of $31.3 billion in treasuries for the purchase.

Earlier this week, the Fed purchased approximately $2.5 billion worth of long-term securities with maturity dates ranging from August of 2019 to February of 2026. The buyback saw strong interest, with dealers submitting $11.64 billion in treasuries for the purchase.

In the bond markets, treasuries are seeing some strength ahead of the day's auction of three-year notes, with the yield on the benchmark ten-year note down 4.6 basis points to 2.86 percent.

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