The Federal Reserve's program to buy mortgage-backed securities is set to end March 31, but the central bank will consider reopening the program if the situation warrants the move, said William Dudley, president of the Federal Bank of New York. "Obviously, if mortgage rates were to back up a lot and if that had a big consequence for the economy, then we very well could rethink the issue about whether we wanted to buy more mortgages," Dudley said.

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