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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Bruce A. Thompson who wrote (2267)	10/31/2001 10:19:51 AM
From: Bruce A. Thompson	Respond to of 99280

Wednesday October 31, 10:12 am Eastern Time Treasury to Stop Sales of 30-Year Bonds WASHINGTON (Reuters) - The U.S. Treasury Department on Wednesday said it was scrapping sales of its 30-year bond, saying the one-time benchmark, against which other debt was measured, was no longer needed. ``We do not need the 30-year bond to meet the government's current financing needs, nor those that we expect to face in the coming years,'' Peter Fisher, the U.S. Treasury's Under Secretary for Domestic Finance, told reporters at the department's quarterly press conference to lay out details of note auctions next week. The announcement on discontinuing the long bond comes at a time when the government is also stepping up its short-term borrowing to meet its needs in the wake of the Sept. 11 attacks on New York and Washington that have accelerated the economy's downturn and contributed to wiping out budget surpluses. ``The management of the Treasury's marketable debt needs to anticipate the possibility of a unified budget deficit for this fiscal year and, perhaps, the following fiscal year as well,'' Fisher said, though he predicted a return to surpluses ``in the coming years.'' Fisher also said the government's debt buyback program, initiated in early 2000 when surpluses were predicted into the indefinite future, now will proceed only on a ''quarter-to-quarter'' basis. Future buyback amounts, if any, will be decided in light of the government's fiscal projections and will be announced quarterly, he said.