A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
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Posts Tagged ‘ Auctions ’
Foreclosure Activity Falls to Lowest Since Summer of 2007 – CNBC.com
UPI.comForeclosure Activity Falls to Lowest Since Summer of 2007CNBC.comForeclosure filings, which include default notices, scheduled auctions and bank repossessions, fell 5 percent in April from March, according to a new report from RealtyTrac, and ar...
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Medicine Ball Market Throws Sucker Play
I believe that Tuesday’s rally was a result of manipulation, and Wednesday’s fall was a result of its failure. Today’s failure suggests that cycles up to 13 weeks could be in gear to the downside for another week or two. That would be countered by what should be bullish liquidity flows. However, there was...
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Foreign Central Banks Disappear From Treasury Bill Auctions
The indirect bids at today’s 13 week and 26 week bill auctions were down sharply from both last week and from the auctions of the expiring paper. That’s a sign that Japan and other central banks did not show up at today’s auctions. The bid tendered on the 13 week bill was just $5...
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Treasury Auction Calendar Update
The 13 week and 26 week bill auctions were strong with the expected increase in the indirect bid as a result of this week’s paydown from the non-renewal of the weekly $25 billion in Supplementary Financing Program Cash Management Bills. However, the overall bid/cover was lower than last week. Apparently Primary Dealers were less...
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Treasury offers warrants to buy Citigroup stock
Treasury offers warrants to buy Citigroup stock
Monday January 24, 2011, 8:59 am EST
WASHINGTON (Reuters) - The U.S. Treasury Department announced on Monday that will offer two groups of warrants to buy stock in Citigroup Inc. that it obtained as par...
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Results from an auction of 2-year Notes
Results from an auction of 2-year Notes were posted at 1:00 PM ET. A positive reaction to the results has helped give Treasuries a small lift.
As for the auction's particulars, the bid-to-cover ratio came in at 3.71. Dollar demand was $129.9 billion....
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Treasury Changes Course- Market Soars on Supply Vacuum
The Treasury has rescheduled the announcement on the 2, 5, and 7 year notes, originally scheduled to be announced yesterday, to next Thursday. The auctions are now tentative scheduled for December 27, 28, and 29, instead of next Tuesday, Wednesday, and...
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The Treasury Just Forgot- Professional Edition
$8 billion in Treasury paydowns this week caused a virtual buying panic in the 4 week bills, but all the other auctions were slightly weaker than last week. Next week will see big supply at the note auctions, but we don’t know how big. The Treasury failed to post the calendar on schedule today....
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Ring Around The Rosey- Professional Edition
This was another week that wasn’t. The Fed reduced its pumping for the holidays, but at the same time the market did not face any net new Treasury settlements of significance. That will come on Tuesday when $64 billion in new notes will settle. Fed QE2 purchases over the past few days and on...
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Big Surprise Coming – Professional Edition
The Treasury buying panic rolled on this week, as evidenced by the level of demand at this week’s auctions, but it wasn’t enough to keep bond prices from falling.
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Outlays Up, Revenues Down, Yields Supply Surprise – Professional Edition
ACCESS LINK CORRECTED! The Treasury surprised the market on Monday when it announced a 21 day CMB for $35 billion. That was apparently necessary to roll over the expiring 300 day $25 billion CMB, and raise new cash. This week we introduce new charts to track daily withholding taxes so that you can see...
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Cracks in the Eggshell, Professional Edition
The Treasury’s calendar is massive this week, with $61 billion in new supply. So far, the results have not been stellar at Monday and Tuesday’s auctions. Rates and yields rose and bid/covers fell versus the prior auctions. Indirect bids were mostly weaker on the bills. They were about the same as last month on...
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Harbingers of Armageddon – Professional Edition
The Fed has deluded itself into thinking that the market can stand on its own without the Fed’s help. We’ll see about that. The harbingers of doom that we saw in the early week auctions came to fruition Wednesday and Thursday as the Treasury market finally succumbed to all that supply. Click here to...
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Sell in May and Go Away – Professional Edition
Monday’s auctions again saw strong demand, but higher rates. Supply was actually a bit lower than anticipated, this week. The TARP warrant sales probably had a small impact on that, but more importantly, tax receipts carried through on February’s strengthening with more strength in March. Click here to download complete report in pdf format...
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Treasuries Fly Off The Shelf- Professional Edition
With all the nervousness about sovereign credit, this week’s auctions have gone very well. Click here to download complete report in pdf format (Professional Edition Subscribers). 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...
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Throw Mama Under The Bus? Professional Edition Fed Report- CORRECTION
The week just past was easy in terms of new Treasury supply, with just the 4, 13, and 26 week bill auctions. Those are the weeks where the Treasury and Fed don’t need to prop the Treasury market because the government isn’t selling longer term debt. That changes next week with $60 billion in...
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Sneakin’ Out The Back, Doh! Professional Edition Fed Report
FCBs appeared to show up at the auctions this week, but they were apparently selling paper in the market even faster. This looks to me like an attempt to hoodwink the market by boosting the indirect bid, which all the media outlets are now following and reporting religiously, while quietly sneaking out the back...
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No CMB Means Lots of Cash For Markets – Professional Edition
In the short run, i.e. this week, the paydown of Cash Management Bills is bullish for both stocks and Treasuries, but the indirect bid at this week’s auctions was weak. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that...
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Making a Mockery- Professional Edition Fed Report
During weeks where there are no auctions of longer term paper, the government takes little action to suppress yields. That’s another reason why, when Treasury supply is light, stock prices tend to rise. When Treasury supply is heavy, they need to push yields lower. Their primary tool in doing that is by releasing worse...
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Fed Report Update
The Treasury sold 13 week and 26 week bills and 3 year notes on Tuesday, and announced the 4 week bill to be auctioned Wednesday. Bid/cover ratios were high but lower than last week’s hysterical panic levels at the bill auctions. One week does not a reversal make, but a trend of reduced bid/covers...
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Fed Coy As Panic Boosts Treasuries – Professional Edition
The mortgage applications data released on Tuesday continues to cast doubt on the NARs data showing a recovery or stabilization in the housing market. I don’t question their data, but the MBAAs data and Zillow’s data do not support it. See http://wallstreetexaminer.com/2009/09/01/more-little-lies-and-big-spin-gains-or-blips The Treasury completed 3 bill auctions this week with buying at panic...
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Foreign Central Banks Take A Walk – Professional Edition
The Fed was quiet today as the Treasury held 3 auctions. Although on the surface all three, including 4 week and 52 week bills, and 2 year notes, seemed to go well, beneath the façade there were portents of future problems as the indirect bid collapsed. Click here to download complete report in pdf...
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It Gets Worse – Professional Edition Fed Report
The Treasury completed its weekly round of auctions today with a 70 day CMB rollover. The indirect bid, which had been strong at Monday’s auction, fell off the table at Tuesday’s 4 week bill auction, and at today’s CMB auction. The overall indirect bid was down for the third time in the past 4...
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Easy Street, Just This Week – Professional Edition Fed Report
Weeks where the Treasury isn’t pounding the market with new debt are few and far between, and that should be bullish. Demand for short term paper seems insatiable with panic level bid/cover ratios on the short term bill auctions, and a record indirect bid on the 13 week bill. The market’s problem now has...
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The Don’t Control Everything- Professional Edition
Sometimes it just looks that way. The Treasury announced not one but two CMB auctions today totaling $65 billion, bringing new supply on the week to $40 billion. So instead of a week of moderate respite from the shelling, we got another bomb from the Treasury. Then next week it gets worse, much worse....
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Much Ado About Nothing – Professional Edition
Relatively strong results in the 2 year note auction were ballyhooed in the financial media today, but in reality the performance was simply borrowed from the bill auctions on Monday and earlier Tuesday. Taken as a whole there was no uptick in demand evident. That was the easy part as the market got help...
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The Game is Breaking Down- Professional Edition
The Treasury market got bombed today in what could be turning into a crash. Yields soared in spite of near record levels of demand at today’s auctions. The problem clearly isn’t demand. It’s supply, and that problem will not be going away any time soon. Click here to download complete report in pdf format...
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Bad Omens- Professional Edition Fed Report
For the second time this week the indirect bid at a Treasury auction fell far short of what it was several months ago at the auctions of the paper that is maturing this week. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty...
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Light Supply, Fed Buying Spur Treasury Rally – Professional Edition
The Fed bought Treasury notes today in the second operation of the week buying longer dated paper. One more operation is slated for Thursday. In the absence of the Treasury offering any longer dated paper this week, the Fed’s buying is having an impact, with yields falling. That can continue as long as the...
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