Market Update – Fed to Continue Buying Treasuries Through Mid-September

The Fed bought its first $2.5 billion of Treasuries yesterday after announcing that it would begin purchasing government debt using funds from maturing mortgage bonds that it holds. The expectation is that the Fed will continue to purchase Treasuries through mid-September. In economic news this morning, the MBA mortgage application index report showed that applications rose 13% last week, with refinance activity leading the number at an increase of 17%.

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