NY Fed says bought $1.704 bln of US agency debt

NEW YORK Dec 18 (Reuters) - The New York Federal Reserve said on Friday it bought $1.704 billion of U.S. agency debt with maturities ranging from December 2011 to October 2013.

Dealers submitted $5.682 billion of agency debt for consideration in the purchase.

Friday's operation brings the N.Y. Fed's cumulative purchase of agency debt to about $159.418 billion since early December 2008.

The N.Y. Fed, which conducts open market operations for the U.S. central bank, has said it would buy about $175 billion of agency securities issued by Fannie Mae FNM.N FNM.P, Freddie Mac FRE.N FRE.P and the Federal Home Loan Bank system aiming to hold down mortgage rates and revive economic growth.

(For more, please see: here) (Reporting by Lynn Adler, Editing by Chizu Nomiyama)