The markets got a gift in the week just ended, but they couldn’t do much with it. The Treasury paid down a whopping $50 billion in expiring short term bills on Thursday. That’s cash that came back to holders of the paper, many of whom were Primary Dealers. They used some of it to squeeze stock market shorts on Tuesday, but then it appeared that they just reinvested the remainder in short term paper where they could, and used what was left after that to retire short term borrowings. That suggests that the Street casino owners are growing risk averse. It is not a bullish sign for stocks, but it could spell another bullish spring and summer for Treasuries.
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