Fed Buys $0.55B of Treasuries

They are not calling it "QE", but yesterday the Federal Reserve Bank of New York purchased $0.55B in TIPS, Treasury Inflation Protected Securities.

A question of semantics. This is part of their pledge to "reinvest cash from maturing mortgage-backed securities and housing agency debt back into the bond market to support the economic recovery"..

From MarketWatch: "Dealers offered to sell the Fed $6.821 billion in TIPS maturing from 2011 to 2040. Analysts have said they don't expect much of the Fed's purchases to be in TIPS because those have little impact on borrowing rates for companies and individuals. After the results, the broader bond market remained up, pushing yields down. Yields on 10-year notes fell 5 basis points to 2.48%"