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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 7 4:00 PM EST

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To: Haim R. Branisteanu who wrote (39513)	2/9/2000 3:23:00 PM
From: Les H	Read Replies (3) of 99985

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.

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