Brilliant. The Treasury got lucky with a huge stock selloff Monday that spooked investors back toward Treasuries. Somehow they see the US as being safe from the sovereign risk contagion that swept the markets this week. Pretty funny considering the US balance sheet isn’t much better than Greece, Spain, Portugal, and Italy (PIGS), a fact which has led some commentators to label the US and UK as USUK. Apparently most investors don’t see Treasuries that way. The end result was an enormous bid for all of this week’s issues, as the table below shows. They still have to pay for the notes on Friday. We’ll see how that goes. Click here to download complete report in pdf format
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