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What! No Paydown? Professional Edition

The market had a problem Monday. While the Primary Dealers and other institutions celebrated the end of the Depression last week, they apparently forgot that they had to pay for $47 billion in new Treasury notes and bonds settling on Monday. Then again, perhaps they were looking forward to the expectation of a lighter Treasury calendar as always in the March 15 week, thanks to tax collections. That usually means a significant temporary debt paydown that results in excess cash in the pockets of investors who temporarily face a shortage of paper in which to put it. 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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