The coming US dollar crisis Message Board

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Strategies & Market Trends : The coming US dollar crisis

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To: Real Man who wrote (16969)	1/29/2009 10:28:03 PM
From: gregor_us	Read Replies (1) of 71454

Thanks. The best reply to a compliment on my own blog, is to point you to an excellent blog I read daily: Across the Curve. His wrap-up of today's "hot treasury action" is terrific as always. You know, we are really moving along quite quickly now. Gold as money, the witches brew of over-supply in treasuries, and of course the transition now from deflation to reflation. _____________________________________________________ acrossthecurve.com Closing Comments January 29 2009 January 29th, 2009 5:56 pm \| by John Jansen \| Prices of Treasury coupon securities plummeted today as overwhelming supply overwhelmed the markets. The 2 year note actually fared reasonably well amidst the carnage as its yield increased just 4 basis points to 0.94 percent. From that point on the carnage was rather heavy as paroxysms of selling drove yields higher. The yield on the 3 year note increased by 9 basis points to 1.32 percent. The yield on the 5 year note increased 12 basis points to 1.81 percent. The yield on the 10 year note soared 18 basis points to 2.85 percent. The yield on the 30 year bond vaulted 17 basis points to 3.59 percent. The yield on the 30 year bond has now increased over 100 basis points from its modern era low of about 2.50 and the yield on the 10 year note has surged over 80 basis points after flirting with 2.00 percent. The recent rout began with the FOMC statment yesterday and the realization that the Federal Reserve would not be rescuing the street from its underwriting duties in the near term. There was a poor street set up for the masive auction of today and bidding interest was not robust. The debacle in the Treasury market engendered selling in other markets as originators and servicers sold as the higher yields forced their moves. Some responded by paying in swaps.... (more at above link)

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