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To: NickSE who wrote (79829)	12/15/1999 9:34:00 PM
From: NickSE	Read Replies (1) \| Respond to of 86076

TALK FROM TRENCHES: US TSYS CONTINUE TO ERODE; FED FEAR IS KEY By Isobel Kennedy economeister.com NEW YORK (MktNews) - U.S. Treasuries continue to seep lower Wednesday. Only the five-year note has managed to eke out small gains on the day because the issue was very special in the repo market earlier in the session. But generally speaking, flows are non-existent. Thin, illiquid trading conditions are the norm at this time of the year and Y2K concerns have only added to the problem this year. One market pro who had been calling for a year-end rally has given up on that thought unless something extraordinary happens. "Y2K presents too great a risk for traders to stick their necks out so they are just sitting out the rest of the year," he says. In addition, since 1999 was one of the worst years for bonds in modern history, players just want it to be over. And he says, even if the market did offer value, "players can't see it because they have their eyes closed."