Press Release

Statement Regarding Purchases of Treasury Securities

August 12, 2009

The Federal Reserve is in the process of buying $300 billion of Treasury securities. On Wednesday, August 12, 2009, the Federal Open Market Committee announced that it decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October. This approach is intended to promote a smooth transition in markets as these purchases of Treasury securities are completed. To implement this decision, the Federal Reserve Bank of New York Open Market Trading Desk will gradually reduce both the size of individual operations and the frequency of operations, beginning with the two-week schedule to be released on Wednesday, August 19, 2009.

Contact:
Deborah Kilroe
(212) 720-6143
(646) 720-6143
deborah.kilroe@ny.frb.org