Fed Purchases $6.78B in Treasurys

The Federal Reserve Bank of New York purchased Treasury debt worth $6.78 billion on Tuesday, reports MarketWatch.

Fed officials said they expected to purchase $6 billion and the bank was offered $25.567 billion in debt, which would mature from 2013 to 2014.

As a result of the announcement, yields rose.

10-year note yields rose to 3.39%, a gain of 5 basis points.

The Treasury debt purchase was the Fed's first of two buyback operations for this week.


Credit to Marc Faber Blog