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New York Fed Hiring Traders

Aline van Duyn has a news item at ft.com reporting on hiring of traders by the New York Fed.  The title of the article is "New York Fed in hiring spree".  She states:

"The Fed’s need for more traders is a direct consequence of the central bank’s efforts to keep credit flowing through the US economy. The Fed has been buying fixed-income securities at such a rate that its assets have more than doubled to $2,000bn in the past year, leading the central bank to conclude that it needs more people to monitor the markets and to manage its credit risks."
The article quotes estimates of an additional 160 traders to be added by the New York Fed, an increase of 67% from current levels.  One problem I have with van Duyn's title is that 160 new hires hardly constitutes a "spree" in the face of an estimated loss of 140,000 jobs on Wall Street.

Read the article here.