Here are a couple of the key bullet points from this report:
• The 10 year Treasury yield surged on Friday, concurrent with the beginning of repayments of the ECB’s LTRO loan program. Some borrowers of those funds used them to buy Treasuries. In order to repay those funds it generally means that they must sell the Treasuries they purchased with the funds. This is a negative for the Treasury market
• With the debt ceiling deal, $63 billion in new Treasury notes that normally would have been auctioned last week, but were withheld, will now be auctioned this week for settlement on January 31. That should add to pressure on the Treasury market. The Fed is still printing more money than new supply will absorb, but it has not scheduled any large MBS settlements concurrent with the new Treasury issuance.
• Withholding tax collections have pulled back sharply from huge year to year gains from accelerating income recognition to 2012 in order to beat the increase in tax rates due on January 1. One week does not a trend make, but the drop is an indication that the economy may be slowing. Next week’s withholding tax data will be an important signpost.
Table of Contents
Treasury Auctions
Week Just Completed
Week Ahead
Treasury Auction Takedowns By Investor Class
Primary Dealer Treasury Holdings
Bond Fund Flows
Bank Holdings of Treasuries
Federal Revenues
Economic Data Schedule
10 Year Treasury Yield
US($) Dolor Index
Click here to download complete report in pdf format (Professional Edition Subscribers) including 31 pages of charts and clear, cutting edge analysis that you can use to gain an edge in the market. Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. 30 day risk free trial for new subscribers. Click here for more information.
Click here to download complete report in pdf format (Professional Edition Subscribers).
Try the Professional Edition, including this Precious Metals update risk free for thirty days. If, within that time you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information or join now!
By clicking this button, I agree to the Wall Street Examiner’s Terms of Use.
Enter your email address in the form to receive email notification when Professional Edition reports are posted.
Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
