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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (26421)2/14/2005 12:52:17 PM
From: orkrious  Read Replies (1) of 110194
 
and this makes me much more comfortable short the market and long PM's

Treasury issuance is increasing. A wave of Treasury borrowing will grow to unprecedented proportions in the first quarter. The commercial banking sector hasn't been keeping pace. Once the convexity-chasing burns itself out, the bond markets will be at the mercy of the support of foreign central banks. We have seen evidence of them retrenching as well. The growth of custodial holdings of Treasuries for foreign central banks at the Fed has slowed significantly in recent months, with negative longer term implications for all US markets.
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