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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (18660)	6/21/1998 2:40:00 PM
From: Lee	Read Replies (1) of 50167

Good Afternoon Ike,..Re:<<Treasury action Friday>> According to Market News a number of events combined to effect the bond rally late Friday. One being statements by Rubin that not much is expected again from any Japanese attempt to right the shaky economic ship and another a short squeeze. In any event, bonds are closely tracking the dollar recently. I've noticed before bond weakness whenever $ fell vs DM but now it's both the DM and Yen. Explanations of events are at the following URLS. economeister.com US DEBT OPTIONS: BIG OPTION SQUEEZE SEEN LATE AS BONDS RALLY economeister.com US TSY MKT RALLIES AT CLOSE; RUBIN -- JAPAN TO DISAPPOINT Instead, the report said China asked for the intervention against the yen to relieve pressure on the Chinese yuan. China would have been forced to devalue the yuan within a week if the yen did not stop losing value, the report said. economeister.com NY FX: DLR-YEN ENDS BID; RUBIN SAYS NO SPECIFICS FROM JAPAN TRIP With the $/bond attachment pretty strong now, I'm inclined to wait until we see what the Japanese government comes up with to deal with bank debt and more fundamental structural problems before taking any positions. At least until after the Japanese elections on July 12. Best regards, Lee

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