Federal Reserve Goes On A Mortgage Debt Shopping Spree

Federal Reserve Goes On A “Sex & The City” Style Shopping Spree For Mortgage Debt

federal reserve
The Federal Reserve pledged on Monday to buy unlimited amounts of Treasuries and mortgage-backed bonds to stabilize the mortgage markets. The Fed hopes it will have the same effect as when it rescued the economy in 2008.
The Federal Reserve set a budget last week of $700 billion in bond purchases. However, it blew through half that amount in less than five days.
The Fed launched three rounds of bond-buying more after the 2008 financial crisis. The Fed’s aim was to save the housing market and stimulate economic growth. The first phase helped to drive mortgage rates below 5%.
The goal of the central bank isn’t to push down mortgage rates. Lower rates are the likely consequence of the Federal Reserve going on a mortgage-backed securities shopping spree. 

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