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

The New York Fed purchased approximately $7.37 billion worth of securities with maturity dates ranging from March of 2011 to April of 2012.

The day's buyback saw strong interest, with dealers submitting a total of $26.64 billion in treasuries for the purchase.

Late last week, the Fed purchased approximately $2.97 billion worth of securities with maturity dates ranging from April of 2010 to February of 2011. The buyback saw strong interest, with dealers submitting $31.29 billion in treasuries for the purchase.

In the bond markets, treasuries are seeing considerable strength on the day, driving the yield on the benchmark ten-year note down 8.1 basis points to 2.84 percent.

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