Show Me The Money

" The Fed recognized in its FOMC statement that its direct purchase program was skewing the pricing of GSE paper to insane levels, not in so many words of course, but in code words. “To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt. The amount of agency debt purchases, while somewhat less than the previously announced maximum of $200 billion, is consistent with the recent path of purchases and reflects the limited availability of agency debt.”"