Prime jumbo home-purchase loans continued to be originated, but the spread of rates on such loans over those on conforming loans was considerably higher than earlier in the year, and banks reportedly tightened lending standards and other loan terms, as well.
The February Monetary Policy Report provides details of our operations to date. Last October, the FOMC announced a plan to purchase Treasury bills and conduct repo operations. These actions have been successful in providing an ample supply of reserves to the banking system and effective control of the federal funds rate.