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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ild who wrote (18470)9/9/2004 4:06:31 PM
From: SeaViewer   of 110194
 
3:26PM Treasuries trade higher, teeter on 10-year treasury auction : Treasuries erased much of yesterday's gains when the initial jobless claims figure was reported at 319K, 20K below the 4-week moving average. After strong demand in yesterday's five-year auction treasuries rose on speculation that demand might be similarly slanted for the 10-year auction. When the $9 bln 10-year auction ended on weak demand, a scant 2.12 cover and with a higher-than-expected yield of 4.195%, treasuries fell sharply. Treasuries were weighed upon by forecasters revising GDP estimates downward for the second-half of the year citing higher energy cost, according to a Bloomberg survey. The survey of 61 economists found median revisions for 3rd quarter GDP fell to 3.7% from 3.9% and 4th quarter GDP to 4.0% from 4.1%. The breakdown of the auction results, among dealers, indirect and direct bidders threw players once again. After showing up yesterday for size, directs melted back into the woodwork (0.7% vs 0.5% in last reopened 10-year), as did indirect participants (2.9% vs. 38.6%), leaving dealers holding 96.4%. Unusual, and when considered against Wednesday, leaves a whole bunch of questions unanswered. The 10-years are currently -10/32nds yielding 4.199%.

The dealers got stuck with a lot 10-year.
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