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…
Tag Archive for Treasury Auctions
Liquidity Trader Complete, Professional Edition
Massive POMO Faces Light Treasury Supply In April
by Lee Adler • • 0 Comments
The markets surprised me by holding up well around Thursday’s settlement of $61 billion in net new Treasury supply. Either stocks or bonds should have felt some liquidation pressure. The reason they didn’t appears to be that Japan came back to the Treasury auctions and supplied enough cash on top of POMO to keep the…
Liquidity Trader Complete, Professional Edition
The Bernank vs. The Gross, Who Surrenders? Professional Edition Fed Report
by Lee Adler • • 0 Comments
Some of the warning signs that I enumerated in the February 5th report (reproduced below) have abated, but others have not. Foreign central banks are back at the Treasury auctions. That has helped to prevent a collapse in the Treasury market and has helped to keep the stock market fiddling while Athens, Dublin, Cairo and…
Liquidity Trader Complete, Professional Edition
Blowing Chunks- Professional Edition
by Lee Adler • • 0 Comments
The Fed increased the rate at which it is purchasing Treasuries last week, but its balance sheet continued to shrink in spite of that, as its efforts to maintain the status quo have at least been temporarily outrun by systemic contraction. Meanwhile, foreign central banks (FCBs) blew an enormous chunk of GSE paper out of…
Liquidity Trader Complete, Professional Edition
Professional Edition Treasury Update 7/29/10
by Lee Adler • • 0 Comments
Bidding remained strong at this week’s Treasury auctions, but they were mostly a bit lower than at the last round of auctions of the same paper. Indirect bids were notably lower, and that could be a sign that foreign central banks are about to go on a buying vacation. Click here to download complete report…
Liquidity Trader Complete, Professional Edition
Tailwinds Subsiding- Professional Edition
by Lee Adler • • 0 Comments
Bidding remained astronomical at this week’s Treasury auctions. Thanks to light Treasury supply, excess cash flowed toward stocks. However the decline in Treasury yields stalled as the market considered the $83 billion or so in new supply that will descend upon it next week. Click here to download complete report in pdf format (Professional Edition…
Liquidity Trader Complete, Professional Edition
Treasuries and Dollar Bad Portents for Stocks- Professional Edition
by Lee Adler • • 0 Comments
The 13 week cycle projection on the dollar has risen, and on Treasury yields has fallen. There were slight signs of deterioration at this week’s Treasury auctions. The market faces massive new supply next week. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty…
Liquidity Trader Complete, Professional Edition
As Good As It Gets for Treasuries- Professional Edition
by Lee Adler • • 0 Comments
This week’s Treasury auctions are complete, and no surprise, they were strong, helped along by a debt paydown and the sovereign debt fears sweeping Europe. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information…
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Smoking Dope – Professional Edition Fed Report
by Lee Adler • • 0 Comments
The awful performances of the longer term Treasury auctions contained within them a sign that foreign central banks are beginning to reverse a normal intermediate cycle upswing in their purchases of Treasuries and GSEs. The long term trend of FCB purchases continues to be down. The Treasury has expressed confidence that the domestic banking system…
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Supply Issue Set To Return- Professional Edition
by Lee Adler • • 0 Comments
The regular 4 week bill announced today will total $17 billion, which is more than the $10 billion sold each of the last 3 weeks, but still less than the $24 billion that had been estimated by the TBAC. Does the size of the 4 week bill signal the end of the reduced Treasury auctions?…
