Fed to buy $400B in long term treasuries and to sell $400B of short term treasuries.
Their efforts are focused towards getting the longer time frames of the yield curve down thus lowering rates for mortgages even further but even more importantly than that attempting to force investors of all types to invest funds into more risky assets as opposed to the safety of treasuries by squeezing the spreads between short term and long term risk free rates. This will be done at the expense of the dollar which can further hurt bond holders.
The program will last until June 2012.
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