Let $n$ be a positive integer and consider the ring $R$ of power series over $\mathbb{Q}$ in commuting variables $x_1,y_1,x_2,y_2,...$. Let the symmetric group $\mathfrak{S}$ of permutations of the positive integers (with finitely many non-fixed points, if you like) act diagonally: $w(x_i)=x_{w(i)}$, $w(y_i)=y_{w(i)}$. What is known about the invariant subring $R^\mathfrak{S}$? Of course, with just one variable set you get the symmetric functions, but I have not been able to find anything about this case. It seems like something that should have been studied a long ago.
What I have been able to figure out is that there is a natural vector space basis of elements analogous to the monomial symmetric functions, which lets one compute the bigraded Hilbert series as $$\prod_{(n,m)\in\mathbb{N}^2\setminus\{(0,0)\}} \frac{1}{1-x^ny^m}$$ (OEIS A054225). There is also an analogue of the power-sum symmetric functions; I have not yet tried constructing analogues of other well-known bases. The constructions of the bases extend easily to the case of $n$ variable sets.
Is this a thing that has been studied before? If so, I'd appreciate a pointer to the literature. There is plenty of material on the analogous diagonal (co)invariants for polynomials, but not (as far as I can tell) for the power series setting.