The Federal Reserve Bank of New York is circulating two lists of bonds acquired from American International Group as it prepares a second auction of the securities. The auction is similar to one held last week, when the Fed sold $1.3 billion in bonds. "It's probably going to look like this each week," said Jesse Litvak, a managing director and head of nonagency trading at Jefferies. "They probably feel like since the first list traded fine, they can continue with this level of bonds."
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