The 4 week bill auction will be smaller than we expected, resulting in “just” $70 billion in net new paper this week. The market showed some signs of strain. 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…
Tag Archive for Treasury Auctions
Liquidity Trader Complete, Professional Edition
Treasury Prepares For Dump- Professional Edition Fed Report
by Lee Adler • • 0 Comments
Note sizes are about as expected for next week’s auctions, amounting to $98 billion in new supply that will settle the following Monday, 11/30. With these note sales looming, they went to work today to trigger a stock market panic to free up cash for the Treasury auctions. Click here to download complete report in…
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The Bad, The Ugly, and The Uglier- Professional Edition Fed Report
by Lee Adler • • 0 Comments
Tax receipts collapsed at an annual rate of 18% in October, which is far worse than I had feared based on our tracking of the daily data. At the same time, mortgage purchase applications collapsed last week, signaling the tailspin we expected as the first time home suckers panic subsided. The extension of this subsidy…
Liquidity Trader Complete, Professional Edition
Professional Edition Fed Report
by Lee Adler • • 0 Comments
Banks and Federal offices are closed today. There were no Fed actions, no Treasury auctions and no 4 week bill announcement. The 13 and 26 week bills will be auctioned tomorrow. The 4 week bill will be announced tomorrow and auctioned Wednesday. With just the 4 week, 13 week, and 26 week bill auctions, no…
Liquidity Trader Complete, Professional Edition
Countdown to D-Day – Professional Edition Fed Report
by Lee Adler • • 0 Comments
Treasury auctions have gone according to plan this week, bid heavily because of the $28 billion in CMB paydowns flooding the market with cash. That party ended Thursday, because in this coming week net settlements will require the market to cough up $49 billion. Click here to download complete report in pdf format (Professional Edition…
Liquidity Trader Complete, Professional Edition
According to Hoyle- Professional Edition
by Lee Adler • • 2 Comments
Treasury auctions have gone according to plan this week, bid heavily because of the $28 billion in CMB paydowns flooding the market with cash. That party ends now however. 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…
Liquidity Trader Complete, Professional Edition
Extra Cash for Bills and Stocks, Not for Notes
by Lee Adler • • 0 Comments
Treasury auctions have seen record or near record bid/cover ratios this week, thanks in part to $16 billion in bill paydowns. That cash also boosted stocks. But longer term Treasuries sagged as the market faces the settlement of $55 billion of new intermediate and long term supply on Monday 9/14. Indirect bidding was a little…
Liquidity Trader Complete, Professional Edition
Unpleasant Surprise – Professional Edition Fed Report
by Lee Adler • • 0 Comments
Light Treasury supply and Fed buying have buoyed the bond market, and because of that lack of supply the stock market was able to come back some on Tuesday. Monday and Tuesday’s Treasury auctions saw a big jump in the indirect bid and bid/cover ratios, thanks to the light supply, but that will be short…
Liquidity Trader Complete, Professional Edition
Market on the Slope of Dope – Professional Edition Fed Report
by Lee Adler • • 0 Comments
This week was a big week of Treasury auctions, with $54 billion in new supply. The vast majority of that won’t settle until next week, and $40 billion of it was in short term paper. So the bond market is getting a huge break this week and next. Even though the Fed buying will be…
Liquidity Trader Complete, Professional Edition
Treasury Demand Soars But Yields Rise Anyway- Professional Edition
by Lee Adler • • 1 Comment
Three Treasury auctions saw strong demand. In the case of the 2 year note, the size of the indirect bid could only be characterized as hysterical. In spite of worries that investors and central banks would stop buying Treasuries, the problem, ladies and gentlemen, is not one of demand. Click here to download complete report…
