CUSIP: 912810SQ2
Term and Type: 19-Year 11-Month Bond
Series: Bonds of August 2040
Reopening: Yes
Interest Rate: 1.125%
High Yield: 1.213%
Price: $98.449355
Allotted at High: 92.86%
Total Tendered: $55,489,977,500
Total Accepted: $25,011,919,600
Auction Date: 09/15/2020
Issue Date: 09/30/2020
Maturity Date: 08/15/2040
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The economic rebound from the depths of the pandemic panic in April and May has ended. The economy may be rolling over again. Bad news for workers and consumers, but not necessarily for investors.
The US Government did no pandemic relief spending in August, and none is on the immediate horizon. Despite that, the monthly budget deficits are freaking enormous and frightening.
Tax receipts are weak and they will provide no relief from those deficits. The US Treasury will continue to borrow massive amounts of money in the markets.
Sounds like bad news for the stock market, right?
Eh, not quite. Here’s why.
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