The New York Federal Reserve continued to buy back treasuries Thursday as part of its effort to lower interest rates and thaw the credit markets.

The New York Fed purchased approximately $7.5 billion worth of long-term securities with maturity dates ranging from September of 2013 to February of 2016.

The program has seen strong interest, with dealers submitting a total of $26.25 billion in treasuries for the purchase.

Wednesday, the New York arm of the Fed bought back just over $6 billion in treasuries maturing between 2012 and 2013 after dealers offered $16.95 billion for the purchase.

In the bond markets, treasuries are seeing substantial weakness amid a rally on Wall Street, driving the yield on the benchmark ten-year note up 9.4 basis points to 2.75 percent.

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