Lawrence, just a thought, no facts. Rubin is not the kind of guy that like rapid changes in direction of any "financial instrument" he trades, and once he induced a run down, like the bond trader that he is, it would be natural for him to step in the contrary direction after a 10% decline (146 to about 133 or so). He has no responsibility to tell us what he does, so he chose to tell us about the intervention but not the other side. He'll be back in selling dollars, but as I said before, he may let Hashimoto sweat a little before he jumps back in, so we may see higher peaks in the bucks. These are just conjectures however, I have no red phone line to Rubin, unfortunately.
Zeev |
