Fed says bought $1.8 billion in agency debt

The Federal Reserve bought $1.8 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank System on Friday, the New York Fed said on its Website. Dealers submitted $3.7 billion in bids in the auction. The Fed bought agency debt securities maturing between February 2010 and December 2010 in an outright coupon purchase.
In a series of such purchases that began in early December, the Fed has so far bought roughly $30 billion of these agency securities toward its goal of up to $100 billion. The Fed in November said it would buy these notes, as well as up to $500 billion in agency-issued mortgage bonds, aiming to cut mortgage rates and revive the housing market.