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Fed Begins Buying Treasuries Under Maturity Extension Program

July 5 (Bloomberg) -- The Federal Reserve began buying Treasuries as part of its program to replace $667 billion of short-term debt in its portfolio with longer-term Treasuries in an effort to reduce borrowing costs further and counter rising risks of a recession.

The Federal Reserve Bank of New York listed the securities it is considering for purchase during today’s operation on its website. http://www.newyorkfed.org/markets/pomo/display/index.cfm

To contact Bloomberg News for this story: newsdev@bloomberg.net

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