Fed bought mortgage securities to blunt effect of MF Global's collapse

11/4/2011 | Reuters

The Federal Reserve bought $5.5 billion worth of mortgage-backed securities in the week ended Wednesday, including $950 million purchased to replace canceled transactions with MF Global. The Federal Reserve Bank of New York said it "took progressive and proportionate steps to manage its exposure to the firm and ensure the ongoing effective implementation of monetary policy through open market operations."

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