The markets faced massive Treasury supply this week and shook, rattled, and rolled as a result. Surprise, surprise, surprise—not— the Treasury market got the benefit of the instability, as investors were scared out of stocks and all things European, and into Treasuries. However, in case you didn’t notice, after last week’s big Treasury rally the best they could do this week was hold them flat as the stock market selloff provided just enough cash for that but no more. Without help from the Fed, the only way to keep bond yields down is to sell stocks.
At some point there won’t even be enough cash around to do that. The economy is, if not shrinking, dead in the water, and the evidence from the indirect bid at this week’s auctions was again that the overcommitted foreign central banks want little more to do with the US Treasury.
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