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To: Cynic 2005 who wrote (80175)	12/17/1999 11:51:00 AM
From: clochard	Respond to of 86076

That's right. They are buying what others are staying away from.

To: Cynic 2005 who wrote (80175)	12/17/1999 11:59:00 AM
From: pater tenebrarum	Respond to of 86076

Mohan, they are exactly that...an attempt to manipulate the bond market. however, the attempt is failing as everybody can see, as the gamblers receiving the money immediately put it into stocks. the bond market otoh knows that expanding the money supply at it's fastest rate ever in the midst of an incredible stock market bubble and an overheating economy can't be good for debt instruments. thus the continued sell-off in bonds. the Fed probably thinks that the bond would already be in free-fall without the coupon passes, i believe they are wrong...if they weren't so accommodative bonds would have rallied.