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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (250988)7/18/2003 10:41:33 AM
From: ild  Read Replies (2) of 436258
 
Yesterday's ContraryInvestor makes a point that June's bonds rally was caused by Japanese when they bought $39.4 Bln worth of US Treasury debt in an attempt to fight Yen appreciation. After Yen went down they stopped buying and Treasury went down as well.
I also think that FNM hedging also increases bond's volatility. Once yield starts going down they start to be hitting with mortgage prepayment, so they start buying Treasuries which derived yields even lower.
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