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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Lazarus_Long who wrote (12709)	1/6/1998 1:49:00 PM
From: S. maltophilia	Respond to of 94695

Seems to me like Japanese selling will have more impact on short & intermediate rates than long. There just hasn't been that much long paper issued since the Treasury started to emphasize shorter term borrowings some years back. This will serve to magnify interest rate moves as all this paper starts coming due, and is probably already reflected in the flat yield curve we're seeing. If anything, rates are very high, especially short term real rates. That said, I'd be a borrower rather than a lender long term. I can't see governments not debauching the currency over that long a time.