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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (5230)	1/16/2004 12:07:18 PM
From: Real Man	Read Replies (1) \| Respond to of 110194

I think bonds could reverse and take a dump, about now, cause they are at resistance, but who knows. Of course the Fed is a market participant. With over 5 billion daily injections, they got to be! That's why I bet against the dollar -g-

To: yard_man who wrote (5230)	1/16/2004 12:28:28 PM
From: russwinter	Read Replies (3) \| Respond to of 110194

Nov. 2003 treasury flow of funds out today treas.gov Pretty easy to analyze: "major foreign holders of USTs" increased holdings for the month by $43.9B, so they bought the entire fiscal deficit, with Japan, HK, Taiwan, and mainland China, accounting for $31.5B of it. Actually the 23.6B add number for Japan suggests to me that private institutions in Japan were net sellers, as the Fed figures from 11/5 to 12/3 show foreign custody holdings increased $41.328 Billion. In otherwords the BOJ, with minor assistance from neighbors, bought the entire fiscal deficit of the US, plus a little piece of the trade deficit to boot. I haven't even mentioned the agency market, I'll get back later on that one.