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In a major policy shift, the US Federal Reserve ended its purchase of $300 billion dollars of treasury securities.The purchase had the effect of pumping money into the banking system. When the Fed buys securities, it creates a credit on bank balance sheets, thus increasing the banks' ability to lend.
Fed purchases helped to keep interest rates from rising i.e. the yield on the benchmark 10-year note never went above 4%.
At the same time the Fed issued a record $1.25 trillion dollars in treasury notes and bonds, more than double a year ago's auctions. The purchases acted as a cushion for keeping borrowing costs down.
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