The indirect bid at this week’s bill auctions ominously weak, in spite of reduction of 4 week bill to $34 billion from $40 billion, and the paydown of $25 billion in CMBs resulting in a net paydown of $30 billion at Thursday’s settlements. The paydown is very bullish in the short run, but the reduced indirect bid is a bad sign longer term because it indicates that the trend of reduced foreign central bank participation is continuing. Details coming up Thursday in this week’s Wall Street Examiner Professional Edition Treasury update.
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