NEW YORK CITY-The Federal Reserve Bank of New York said Wednesday it’s been directed to buy an additional $600 billion of longer-term Treasury securities by the end of the second quarter of 2011. Additionally, the New York Fed will reinvest $250 billion to $300 billion of principal payments from agency debt and agency mortgage-backed securities.

Taken together, the New York Fed’s Open Market Trading Desk anticipates conducting $850 billion to $900 billion of purchases of longer-term Treasury securities through Q2 ’11, the bank says in a statement. That will translate into an average purchase pace of roughly $110 billion per month, including $75 billion of additional purchases per month and another $35 billion per month associated with reinvestment purchases.

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