The market that refuses to die got a little help today when FCBs took down a huge chunk of the 20 Year TIPS auction, sending a signal to the players that they are still very much in the game. The Treasury starts to be a problem next week when they settle $18 billion in new securities but the FCB subsidy isn’t going away any time soon. In addition the Fed has pulled back the SOMA to the bottom of its normal trend parameters, making room to pump as needed when waves of new Treasury supply hit Wall Street’s shores over the next 12 weeks. Click here to download complete report in pdf format (Professional Edition Subscribers).
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