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  • Today's Fed Announcement

    -- FED TO BUY MBS, EXTENDS ZERO-RATE POLICY INTO 2015
    -- BUY $40B MBS MONTHLY, CONTINUE `OPERATION TWIST'
    -- CONTINUE `OPERATION TWIST' THROUGH END OF THE YEAR
    -- DOES NOT SAY WHEN MBS PURCHASE PROGRAM TO END
    -- `EXCEPTIONALLY LOW' RATES AT LEAST THROUGH MID-2015
    -- WILL ADD TO PURCHASES IF LABOR MARKET DOESN'T IMPROVE
    -- STRAINS IN GLOBAL MARKETS POSE DOWNSIDE RISKS

    Markets going nuts. Fannie 3s were up 25 on the day at one point. Fed purchases of MBS to start tomorrow. MBS have given up some of the initial spike, but overall in really good shape here. Stocks doing quite well also, with the DOW now up over 100 points on the day

    Sep 13 2012