I thought we’d see some pressure on the markets as a result of this blizzard of Treasury paper coming down, and only a lukewarm assist from FCBs. The opposite occurred, triggered by a massive Spoos futures buy just moments before Ben Bernanke began his congressional testimony. As Lee Wheeler intimated in his blog, it didn’t matter what Bernanke was going to say. The fix was in. Bonds also rallied huge. I am scratching my head (and other places) wondering where all the liquidity is coming from. Click here to download complete report in pdf format (Professional Edition Subscribers).
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