Tag Archive for Treasury Auctions

Treasury Auctions Quietly Weaker- Professional Edition

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…

The Bad, The Ugly, and The Uglier- Professional Edition Fed Report

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…

Countdown to D-Day – Professional Edition Fed Report

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…

Treasury Demand Soars But Yields Rise Anyway- Professional Edition

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…