Michael Terry's  Instablog

From the FOMC release:

On June 20, 2012, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to continue through the end of the year its program to extend the average maturity of the Federal Reserve's holdings of Treasury securities. Specifically, the Desk was directed to purchase Treasury securities with remaining maturities of 6 years to 30 years and to sell or redeem an equal par value of Treasury securities with remaining maturities of approximately 3 years or less. The continuation of the maturity extension program will proceed at the current pace and result in the purchase, as well as the sale and redemption, of about $267 billion in Treasury securities by the end of 2012.

The FOMC also directed the Desk to continue reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities (MBS) in agency MBS, and to suspend, for the duration of the maturity extension program, rolling over maturing Treasury securities into new issues at auction.

Come on Benny let's do the twist
Come on Benny let's do the twist
Take long duration bond and go like this
Ee-oh twist Benny baby twist
Oooh-yeah just like this
Sell the front end of the curve and do the twist

The Treasury is sleepin' and Obama ain't around
Yeah Congress is sleepin' and the Senate ain't around
We're gonna twisty twisty twisty
'Til we burn our fiscal house down
Come on and twist yeah baby twist

Come on Uncle Sam and do the twist

Yeah you should see my trading desk
You should see my my trading desk
It really knows how to rock
New York knows how to twist
Come on and twist yeah benny twist
Oooh-yeah just like this
Manipulate the markets and do the twist
Yeah rock on now
Yeah twist on now
Twist

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.