Agency Mortgage-Backed Securities Operations
The New York Fed reinvests principal payments from agency debt and agency mortgage-backed securities (MBS) in the System Open Market Account (SOMA) portfolio in MBS guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae as directed by the Federal Open Market Committee (FOMC). Operation results include all outright purchases and sales of agency mortgage-backed securities conducted, including small value exercises.

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