Effective September 16, 2020, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to continue to increase the System Open Market Account (SOMA) holdings of Treasury securities and agency mortgage-backed securities (MBS) at the current pace. The FOMC also directed the Desk to increase holdings of Treasury securities and agency MBS by additional amounts, and purchase agency commercial mortgage-backed securities (CMBS), as needed to sustain smooth functioning of markets for these securities. Consistent with this directive, the Desk plans to ... (full story)