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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: russwinter	11/1/2005 10:06:15 AM
	of 110194

Wizards drained 2.75 of 4.0 expiring repo. I don't think they'd do a coupon pass on FOMC Tuesday (?), but the Treasury needs it. Lee Adler on yesterday's auction: wallstreetexaminer.com At today's 13 and 26 week auctions, FCBs took down $9.3 billion. That was only $500 million more than their rollover amount. Considering that the two auctions increased in size by $6 billion, $500 million is a huge shortfall relative to what would be needed to keep things on an even keel. Rates were up 4 basis points on the 13 week bill, and 6 basis points on the 6 month bill. If FCB participation is again weak in the 4 week auction on Tuesday, that could hurt the market. It will be interesting to see the Fed's data on custodial holdings for FCBs, on Thursday. Based on their normal cycle, a sell signal is due in the FCB indicator this week or next.

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