Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who wrote (10925)	10/31/2001 5:53:19 PM
From: MulhollandDrive	Read Replies (2) of 74559

Hi tradermike... Could you tell me what your opinion is of the Federal Reserve retiring all 30 year debt? biz.yahoo.com .S. 30-year Treasury bonds powered up on Wednesday in their biggest-ever one-day price move after the Treasury surprised the market with an announcement it would no longer sell them, triggering a mad investor rush to snap up the securities. ADVERTISEMENT The rally, which saw the biggest move in bond yields since the 1987 stock market crash, was infectious. It lifted most of the Treasury market with it, driving up benchmark 10-year notes more than a full point and boosting five-year notes in a mad swoop that one market strategist called ``insane.'' Only two-year notes were left flat on the day, pressured by earlier news that the economy contracted less than expected in the third quarter, which scaled back hopes of an aggressive Federal Reserve interest rate cut next week. ``Usually the Treasury gives us a little bit more notice. This was obviously a huge surprise,'' said Steven Saslow, proprietary trader at HSBC Securities in New York, as bond prices soared more than 5-1/2 points. Thirty-year Treasury yields -- which have fallen little as the Fed has slashed interest rates nine times this year -- crashed more than 30 basis points to their lowest rates since October 1998 tia...

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