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

To: mishedlo who wrote (25381)	1/26/2005 2:57:18 PM
From: Amark$p	Read Replies (1) \| Respond to of 110194

Indirect bidders only taking 30% is not adequate, IMO. Indirect took 38% of 20 Year TIP, again not enough, IMO. "The sale of $8 billion in reopened 20-year Treasury inflation protected notes, or TIPS, went at a high yield of 2.00 percent, above what many had expected. It drew bids for 1.51 times the amount on offer, only just beating the modest 1.48 achieved at the initial sale in July. Indirect bidders, including customers of primary dealers and foreign central banks, picked up $3.02 billion or almost 38 percent of the issue. That compares with 47 percent at the last sale. Primary dealers themselves got $4.90 billion of the issue."

To: mishedlo who wrote (25381)	1/26/2005 3:15:01 PM
From: russwinter	Respond to of 110194

<Looks like domestic demand picked up where foreign demand slacked off.> Just more tawdry insider loans (and below the cost to the Treasury of current 13 week T-Bills rates). Look at all the Treasury repos (TIO outstanding, in gray first graphic, also note recent spike second graphic) out there to "help" with these auctions. omo.co.nz Sure it's not exactly the same kind (temporary, etc)of egregious money printing we saw in 4Q, but it's more backdoor intervention nevertheless. Why is the Treasury Dept so active with inside loans to Boyz right now? <ng> I thought they had a $400 billion deficit, not a bunch of loose cash laying around in which to subsidize "private domestic buyers".