Fed says to buy agency debt on Jan. 13

NEW YORK | Mon Jan 12, 2009 11:30am EST

NEW YORK Jan 12 (Reuters) - The Federal Reserve will buy debt of Fannie Mae, Freddie Mac and the Federal Home Loan Banks on Tuesday, the New York Fed said on its website on Monday.

The operation will open at 10:30 a.m. and close at 11 a.m., the New York Fed said, and will target debt maturing between January 2013 and November 2017.

The Fed will buy the securities outright in coupon purchases.

(Reporting by Kristina Cooke, Editing by Chizu Nomiyama)

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