Fed sells $7.421 bln of shorter-dated Treasuries

NEW YORK Thu Dec 20, 2012 2:09pm EST

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NEW YORK Dec 20 (Reuters) - The Federal Reserve on Thursday sold on the open market $7.421 billion of U.S. Treasuries maturing December 2015 through January 2016, the New York Fed said on its website.

Dealers submitted bids for a total of $30.703 billion of Treasuries, the New York Fed said.

The sale was part of the Fed's "Operation Twist" stimulus program - a program that extends the maturity of the central bank's Treasuries holdings in a bid to lower mortgage rates and other long-term borrowing costs.

Earlier on Thursday, as part of Twist, the Fed bought $1.729 billion of Treasuries maturing February 2023 through May 2030.

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