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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: yard_man who wrote (5230)1/16/2004 12:28:28 PM
From: russwinter  Read Replies (3) of 110194
 
Nov. 2003 treasury flow of funds out today
treas.gov

Pretty easy to analyze: "major foreign holders of USTs" increased holdings for the month by $43.9B, so they bought the entire fiscal deficit, with Japan, HK, Taiwan, and mainland China, accounting for $31.5B of it. Actually the 23.6B add number for Japan suggests to me that private institutions in Japan were net sellers, as the Fed figures from 11/5 to 12/3 show foreign custody holdings increased $41.328 Billion. In otherwords the BOJ, with minor assistance from neighbors, bought the entire fiscal deficit of the US, plus a little piece of the trade deficit to boot.

I haven't even mentioned the agency market, I'll get back later on that one.
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