NY Fed says bought $2.98 bln of Treasuries

NEW YORK Thu May 14, 2009 11:05am EDT

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NEW YORK May 14 (Reuters) - The New York Federal Reserve on Thursday said it bought $2.98 billion of Treasuries maturing between October 2010 and February 2011.

Dealers submitted $27.09 billion for consideration in the operation.

The purchase was part of its emergency effort to keep long-term interest rates low. The Fed said in March it would buy up to $300 billion in U.S. government bonds over six months.

For more details on the securities involved in Thursday's purchase go to here (Reporting by Kristina Cooke, Editing by Chizu Nomiyama)

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