Greenspan, Rubin & Co - the Most Irresponsible Team Ever?? Message Board

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Non-Tech : Greenspan, Rubin & Co - the Most Irresponsible Team Ever??

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To: Knighty Tin who wrote (245)	2/9/2000 3:26:00 PM
From: Cynic 2005	Read Replies (1) of 309

Mike, Re. Summers: Last Wednesday, the Treasury Dept said they won't sell 30 ys any longer to screw the long bond shorts. Today he flip-flops to reduce the damage. The bond players are still nursing their wounds from last week's debacle. This guy may have been taking them (this time those who are long on the long bond) for another wild ride. Didn't Summers know any better than playing games with bond markets? Does he think of the bond players as the ones with as low an IQ as the eBay cheerleaders? I think that the treasury department is going to get a nice wake-up call from the bond markets? For all we know, this may be the big Summers screw-up we are looking for! What do you think? <<Wednesday February 9, 3:04 pm Eastern Time Treasury to use entirety of yield curve - Summers WASHINGTON, Feb 9 (Reuters) - U.S. Treasury Secretary Lawrence Summers said on Wednesday the administration would continue to use the entire spectrum of the yield curve in managing a decreasing supply of government debt. ''I expect Treasury to continue to use the entirety of the yield curve as a way of holding down our borrowing costs,'' he told reporters after an appearance on Capitol Hill. ''As the debt is worked down, I expect the private sector to adapt to take advantage of what is, I think, going to be a much healthier financial environment -- a reduced level of federal debt,'' Summers added. The Clinton administration has advocated using mounting budget surpluses to reduce the government's accumulated debt burden. It plans to buy back some of the outstanding debt and simultaneously reduce the issuance of new debt instruments, particularly those with longer-dated maturities. Treasury has indicated that the 10-year note will increasingly gain benchmark status as issuance of new 30-year bonds is reduced.>> biz.yahoo.com

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