Sep

22

Possibly the greatest multi-day decline in fixed income (10 yr and 30 yr bonds) in the last 10 years, exceeded only by October 1998 on a three-day basis.

East Sider replies:

The calendar is heavy today:

    *U.S. TREASURY TO AUCTION $24 BILLION IN FIVE-YEAR NOTES
    *U.S. TREASURY TO AUCTION $34 BILLION IN TWO-YEAR NOTES
    *U.S. TREASURY TO AUCTION $30 BILLION IN FOUR-WEEK BILLS

Now that the atrophied dealer community is "set up" to buy the paper, it would not be at all surprising for someone to roll a tapebomb into the tent. It's a movie we've all seen many times.


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