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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (19833)12/29/2004 5:35:11 PM
From: gregor_us  Read Replies (1) | Respond to of 116555
 
So Much for the Theory That CB's Were Going To Shorten

the duration of their T-Bond portfolios, as a way to keep overall T-Bond exposure while reducing risk.

**NEW YORK, Dec 29 (Reuters) - U.S. Treasury debt prices slipped on Wednesday after an auction of $24 billion in new two-year notes drew only scant demand in a holiday-thinned market.

Particularly troubling was the lack of interest from indirect bidders, which include foreign central banks. They picked up just $7.90 billion, or 33 percent, of the whole issue, down from the 42.0 percent taken in the November auction.**

Look out below!

LP



To: TH who wrote (19833)12/29/2004 5:37:11 PM
From: Rational  Read Replies (2) | Respond to of 116555
 
The failure of Treasury auction means that the Federal government will have cut spending on war and all that crazy nonsense. This may be the beginning of a financial surrender by the U.S. to the rest of the world. The possibility of demonitization (writing off debt by decree) looms large in my view.

Ironically, all the Bush tax cuts passed on to the wealthy will be more than wiped out as the rich hold the bonds that will be pummeled in value.


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