The Federal Reserve announced that it will buy an additional $750 billion in agency MBS through the end of the year.

According to research from JPMorgan Securities, this will bring the Fed's total targeted purchases to $1.25 trillion and. will clearly dwarf the amount of 2009 net issuance. JPMorgan is projecting this volume to reach $420 to $480 billion, assuming a 4.5% to 5% mortgage rate.

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