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

To: ild who wrote (19294)	10/2/2004 5:11:49 PM
From: ild	Respond to of 110194

Don Coxe October 1, 2004 Message 20591530

To: ild who wrote (19294)	10/3/2004 7:54:37 AM
From: Wyätt Gwyön	Respond to of 110194

i don't know the average duration of the Agencys' paper, but i believe you are correct in your perception regarding USG. just like the consumer, they "take advantage" of historically low rates not by maxing out term, but by loading up on essentially government ARMs--short-term paper. if you are interested in the particular weightings of all the maturities, it is all laid out in a very helpful publication published by Dept. of Treasury, called Treasury Bulletin or something. i posted a link to it once. (i lost the data when i reformatted my hard drive.) mind you, that's just the US's "public debt", which is kind of the tip of the iceberg--just 12% or so of NPV of USG's estimated long-term liabilities.