The Federal Reserve Bank of New York purchased $7.37 billion of treasuries maturing between 2011 and 2012 Monday, as part of the central bank's efforts to reduce lending rates and help the world's largest economy out of recession.

The Fed bought $3.755 billion of the 1.375 percent note due in March 2012, the largest single maturity purchased. Dealers submitted $26.6 billion to be purchased.

The central bank has bought $43.9 billion in U.S. debt through eight buyback operations since the purchases began on March 25.

The Fed will continue to buy as much as $300 billion in treasury securities over the next six months.

The U.S. sold a record $438 billion of securities in the first quarter.