Fed Intervened Once In Latest Period But Off-Market Trades Pay Off Nicely
REGULATIONS
The Federal Reserve Bank of New York reported that U.S. monetary authorities bought $170 million through the sale of German marks in a coordinated effort with other central banks on July 20. Although they were in several times that day, it was their only foray into the open market during the entire three month period ended July 31. Both the Fed and the Treasury shared equally in the intervention financing.
In addition, the Fed and the Treasury purchased $6.177 billion by selling marks to the
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