The Federal Reserve Bank of New York reported it has begun purchasing mortgage-backed securities in January in an effort to bolster the battered housing market. They will report their activity every Thursday.
It has been reported that Federal Reserve Bank of New York has purchased
10,213 Million Dollars from January 5 through January 7.
23,405 Million Dollars from January 8 through January 14.
19,009 Million Dollars from January 15 through January 21.
16,836 Million Dollars from January 22 through January 28.
22,277 Million Dollars from January 29 through February 4.
23,330 Million Dollars from February 5 through February 11.
19,867 Million Dollars from February 12 through February 18.
24,999 Million Dollars from February 19 through February 25.
We need to see how the Treasury is going to implement the next part of the TARP and
how the Stimulus bill will play out in the economy. We now have the first information on the mortgage
plan. Let's keep an eye on the effects of that.
I will be waiting for next weeks report in order to track the progress of this program.