Gary Siegel

With the housing market seemingly back on track, buying $40 billion of mortgage-backed securities a month risks "overkill," and the Fed should cut back on its purchases, Federal Reserve Bank of Dallas President and CEO Richard W. Fisher said Wednesday.

A "significant majority" of the Federal Open Market Committee approves the current monetary stance, Federal Reserve Board Chairman Ben Bernanke told the House Financial Services Committee in response to a question.

Pending home sales soared 4.5% to an index reading of 105.9 in January, after a revised 1.9% decrease to 101.3 in December, according to a report released Wednesday by the National Association of Realtors.

The Treasury Department auctioned $35 billion of five-year notes, with a 3/4% coupon, a 0.777% high yield, a price of 99.867840.

The Treasury Department Wednesday auctioned $45 billion of four-week bills at a 0.110% high yield, a price of 99.991444.

Texas service sector activity expanded in February, according to business executives responding to the Texas Service Sector Outlook Survey, as the revenue index rose to 14.2 from 8.4.

Service sector activity "grew moderately" in February, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Manufacturing activity in the central Atlantic region "rebounded in February after declining in January," according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, as the manufacturing index gained to positive 6 from negative 12 in January.

The consumer confidence index climbed to 69.6 in February from a downwardly revised 58.4 last month, The Conference Board reported Tuesday.

The Treasury Department Monday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.257% yield, a price of 99.986045.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.125% high rate, up from 0.115% the prior week, and the six-months incurred a 0.135% high rate, up from 0.130% the week before.

The Treasury Department said Monday it will sell $45 billion of four-week discount bills Tuesday.

Texas factory activity, as measured by the production index, "expanded" in February, according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released Monday.

The Chicago Fed National Activity Index for January dropped to negative 0.32, while the three-month moving average rose to positive 0.30, the Federal Reserve Bank of Chicago reported Monday.

Much has been said about the Federal Reserve's bloated balance sheet, and debate has ensued about how it will be resolved, but Federal Reserve Bank of Boston President & Chief Executive Officer Eric S. Rosengren Friday defended the large-scale asset purchase program.

The Treasury Department Thursday sold $9 billion of inflation-indexed 30-year bonds at a 0.639% yield, an adjusted price of 99.494180, with a 5/8% coupon.

The Fed needs to provide "powerful and continuing monetary accommodation," Federal Reserve Bank of San Francisco President and CEO John C. Williams said Thursday.

In a speech similar to the one he presented on February 14, Federal Reserve Bank of St. Louis President James Bullard said the stance of U.S. monetary policy is considerably easier in 2013 than in 2012.

The Treasury Department said it will auction $29 billion seven-year notes on Wednesday, Feb. 27.

The Treasury Department said Thursday it will auction $35 billion 91-day bills and $30 billion 182-day discount bills Monday.