AL - yep, but some folks didn't read the memo - buying treasurys is being tight ((Ben got that part wrong or maybe not?)
Dillon AL 22:11:33 GMT - 03/12/2014
nh and to add to your currency with a coupon (with which I wholeheartedly agree) one could imagine at some stage just when everyone thinks their backs are to the wall where the FED hands over its portfolio to the Treasury for cancelation. voila at the stroke of the pen x trillion wiped off the debt
US TSYS/RESEARCH: RBS analysts Gabriel Man said that "we expect 10yr yields to remain in the grips of a longer term range between ~2.50% and 3.00%. Fade the extremes of this range but expect a choppy ride in the coming days since rates are near the middle of their multi-month ranges." He adds that "we're unexcited about adding new trades at mid-range rate levels with a muddy technical and fundamental backdrop."
Source: Market News International (MNI) – A Deutsche Börse company
Livingston nh 21:39:47 GMT - 03/12/2014
There are those who think the US paper is toxic, doomed or cursed - my thought is that such paper is merely currency w/ a coupon -
*** The auction was strong with a 0.8 bp stop-through and non-dealer bidding at 70.9% vs. 61% norm ***
* 10-year auction stops at 2.729% vs. 2.737% 1-pm bid WI.
* Dealers were awarded 29.1% vs. 39% average of last four 10-year Reopenings.
* Indirects get 43.4% vs. 42% norm.
* Directs take 27.5% vs. 19% average.
* Bid/Cover was 2.92 vs. 2.68 average of last four.
* Dealer Hit-Ratio: Dealers take 14% of what they bid for vs. 22% norm.
* Indirect Hit-Ratio: Customers take 75 of what they bid for vs. 83% norm.
dc CB 21:19:45 GMT - 03/12/2014
"Bid to cover strong as well - this was a re-open (2.75%) // amazing what folks pay for something that "allegedly" nobody wants"
used to be the way to tell that "nobody wants" was to look at the various takedowns. If the Primary Dealers took 40 - 50 or The World is Ending for us it's more than ... %, it was looked at as a "failed auction"
Gee maybeeee some bright "intern" said at one of those "the world is ending" post mortems....Hey Dude, why not change the designation at to what constitutes a "Direct".
Whoaaaaaaaaaa....Bofoooooo auctions from that date.
That "intern". He suffered an unusual and untimely termination(death). As the Capo sez: da dead, dey don't talk.
GVI Forex john 18:27:08 GMT - 03/12/2014
With 10-yr yields at these levels the FOMC will have no qualms about tapering again a week from now.
Livingston nh 18:26:44 GMT - 03/12/2014
Bid to cover strong as well - this was a re-open (2.75%) // amazing what folks pay for something that "allegedly" nobody wants
dc CB 18:24:19 GMT - 03/12/2014
one confirming that the smart money continues to prefer allocation to fixed income, instead of believing the latest "growth stories" explaining away the second coming of the dot com bubble in Bernanke's centrally-planned farce of a market.
Late in European trade, fixed income markets remain in a clear "risk-off" posture as the weekend vote in Crimea approaches. It appears the U.S. has made a shot across the bow against Russia, as it has has indicated that it will be releasing a token amount of oil from the Strategic Petroleum Reserve (SPR) for a "test of the system".
European equities are still trading lower, but are well off their lows of the day. U.S. equities are now higher at midday in North America. The peripheral European bond prices are ending lower.
GVI Forex john 09:37:10 GMT - 03/12/2014
Early in European trading hours, financial markets are in a clear risk-off posture at this hour. We think they may be following The lead pf U.S. equities from late Tuesday. The first significant data news of the week comes on Thursday Prices in prime fixed income markets are broadly higher.
European equities are down. Far East equities ended sharply lower. U.s. S&P futures are weaker at this hour. The peripheral European bond prices are soft.
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