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Old Nag Doesn’t Want To Run Any More

The key changes in the data for the week just past include signs of an upturn in the banks’ Treasury buying cycle, but the FCB buying cycle appears to be going the other way. Lighter than usual POMO last week appeared to have a negative effect on the market even though there was a sizable Treasury paydown on Thursday. Unless the banks, FCBs, Fed are all pulling this horse, they can lead it to water, but it may not drink. In other words, without feeding from all three of those trainers, it may be time for the glue factory.

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