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Fed to buy bonds from more dealers under pilot program
The Federal Reserve will buy bonds from a larger group of broker-dealers under a one-year pilot program meant to strengthen the U.S. central bank's direct involvement in financial markets. The Federal Reserve Bank of New York, which carries out the Fed's monthly purchase of $85 billion in Treasury and mortgage bonds, now does direct business with 21 so-called primary dealers such as JPMorgan Chase & Co and UBS AG .
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