In a single breath, the Fed committed another $1.15 trillion to the credit quagmire. The dirty details:
* $750 billion for purchasing mortgage-backed securities from Fannie Mae and Freddie Mac (on top of the $500 billion the Fed has already promised)
* Another $100 billion directly toward Fannie and Freddie’s debt. That’s also atop a pre-existing $100 billion program
* The knockout blow… the Fed will officially begin buying “longer-term” U.S. Treasury notes. The FOMC said they’d spend at least $300 billion over the next 6 months.
* $750 billion for purchasing mortgage-backed securities from Fannie Mae and Freddie Mac (on top of the $500 billion the Fed has already promised)
* Another $100 billion directly toward Fannie and Freddie’s debt. That’s also atop a pre-existing $100 billion program
* The knockout blow… the Fed will officially begin buying “longer-term” U.S. Treasury notes. The FOMC said they’d spend at least $300 billion over the next 6 months.
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