The Treasury normally has a debt paydown in the January 15 week, thanks to tax receipts, but not this year. Including the notes auctioned this week that will settle Thursday, the Treasury will settle a net of $17 billion in new paper on the week. Instead of the usual paydown bump the market will remain under pressure, which will only grow worse as the cash flow gap widens through the first quarter, thanks to tax refunds and other normal outlays and a huge revenue shortfall. That’s even before any new bailout or stimulus funds are raised in the market. 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 simple. Click here for more information.
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