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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (258522)9/2/2003 4:40:52 PM
From: Haim R. Branisteanu  Read Replies (1) of 436258
 
Why the rally ?

Investors also face a growing supply of debt as the U.S. government increases its borrowing to finance the budget deficit. The Congressional Budget Office said the deficit may widen to a record $480 billion in the fiscal year starting Oct. 1.

The government is expected to sell $18 billion of five-year notes and $14 billion of 10-year notes next week, according to analysts at Wrightson ICAP LLC, the economic-research unit of ICAP Plc. Wrightson expects the total amount of Treasury note sales in September to be $57 billion. Treasury in September is introducing monthly sales of five-year notes.

Adding the anticipation of the wave of new debt ``to what had been healthy numbers and our market's struggling,'' said Rick Klingman, head of the U.S. Treasury desk in New York at ABN Amro Bank, another primary dealer.
Last Updated: September 2, 2003 16:20 EDT
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