By Turgut Kisinbay, PhD, Director of Fixed Income Research; James Ong, Director, Derivative Portfolio Management
The Federal Reserve undertakes one of the most aggressive monetary easing programs in history
Monday morning, March 23, the Federal Reserve (Fed) announced one of the most aggressive monetary easing programs in the history of central banking. The set of measures announced includes open-ended purchases of Treasury securities and agency mortgage-backed securities (quantitative easing or QE), and programs to support the flow of credit to consumers and employers.
In the new QE program, the Fed "will buy Treasuries