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Non-Tech : Greenspan, Rubin & Co - the Most Irresponsible Team Ever??
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To: Knighty Tin who wrote (248)2/10/2000 8:41:00 AM
From: Cynic 2005  Read Replies (1) of 309
 
egroups.com
<<The treasury secretary had the financial community
talking to itself this afternoon. Late last week I
related to you that Frank Veneroso had said that all
Summers had to do to alleviate some of the pressure on
the yield curve inversion was to make an announcement
that to reduce U.S debt along the entire curve, meaning
that any bond buybacks would be along the entire yield
curve, not just for the 30 year Treasury bonds. Icarus
said that would mean Summers would have to "eat crow"
and lose face.

When the 10-year note auction went so badly today, the
yield curve inversion was about to get wider, causing
more pain for those investment firms caught going the
wrong way. So Secretary Summers did what Frank Veneroso
said he would do and "lost face" by making that
announcement, which further stunned unsuspecting market
participants. The long bond dive bombed. The stock
market was especially rattled, as all the indices
headed lower and the Dow broke its 200-day moving
average to the downside.

This bond development and Summers turnabout has got to
hurt the secretary's reputation with the financial
community. He has credit market traders doing hoola-
hoops. One day "this," one day "that," one day
confirmation of "that," the next day a retraction of
"that." >>
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