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Pastimes : Ask Mohan about the Market

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To: Monty Lenard who wrote (9773)	11/29/1997 4:34:00 PM
From: Jack Clarke	Read Replies (2) of 18056

TClaude and all: Great story. Now I am beginning to understand how and why the US lends money to Japan so they can lend it back to us by buying our bonds. FWIW, some interesting excerpts from the latest Barrons: 1. Yield curve is flattening (MW15) usually a prcursor to higher long term interest rates. 2. In Fed Data Bank (MW105) I see the greatest negative change in foreign holdings of US debt in my recent recollection. Are they selling US treasuries? 3. This topic is also discussed by Randall Forsyth in his article (MW 13): "Treasury securities held in custody for foreign accounts at the Federal Reserve plunged nearly $8 billion in the week ended Wednesday as central banks sold dollar assets to support their own sinking currencies. Since early September, central banks abroad have dumped some $30 billion of Treasuries." 4. I know Sankar Message 2816674 felt that the US and Japan had agreed not to let this happen, and maybe I am overreacting if the amounts are small, but it does seem worthy of note. Jack

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