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Fool on the Hill, Bride of Frankenstein Reports

Massive levels of panic buying could not keep short term Treasury rates from rising this week, suggesting that even with unprecedented levels of demand, supply was still outstripping it. That was also true of the long end until today, when another massive wave of fear swept the markets, driving the 10 year Treasury yield down. Panics, however, are temporary. Treasury supply is trending up, and will reach unimaginable levels after the stimulus bill passes and the funds have to be raised in the market.

Meanwhile, while the Fool on the Hill was answering questions from our elected reprehensibles, his Fed continued to not conduct OPEN market operations, but certainly was conducting secret operations which we won’t learn about until late Thursday, and then only in the sketchiest of detail. The Fool’s performance on the Hill was critiqued on CNBS, the Stupid Channel by cheerleader Erin Burnett, and the Bride of Frankenstein, Andrea Mitchell. As one of our posters on the Stool Pigeons Wire Message board at pointed out, it was unbiased reporting at its finest.

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