Videos - Pablo Fernandez-Peña

According to Pablo Fernandez-Pena, the Fed joined other global central banks in initiating a program to purchase $300 billion of Treasuries over the next few months.

 The program constitutes arround 14% of the current outstanding public Treasury debt in the 2- to 10-yr sector and would lower the net Treasury supply increase in the next six months  by only 19%. 

Given these relatively modest numbers, we believe the bulk of the decline in Treasury yield as a result of the Treasury QE program may have already occurred. (March 2009)