Fed holds rates steady, will buy Treasuries

[sweeps]

Ladies and gentlemen, start your refinancing....

The Federal Reserve announced Wednesday it will spend up to $300 billion over the next six months to buy long-term government bonds, a new step aimed at lifting the country out of recession by lowering rates on mortgages and other consumer debt....

....The last time the Fed set out to influence long-term interest rates was during the 1960s with Operation Twist, conceived by the Kennedy administration.

MSNBC Article

[noppenbd]

... and in response, 30-yr treasury yields dropped 0.25% almost immediately! Time for a refi!

[kork13]

wow.... I may need to get on the phone and convince my parents to look at refinancing... They've considered it in the past, but decided it wasn't worth it. If this pans out as expected, it could be quite a nice time to refi....

[sweeps]

Of course the flip side of this is that the dollar is plunging.