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30 yr T-Bond sale yesterday a bust?
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[quote:Anonymous Coward 699372:MV84MTMyMzNfMTI1NjMyNzlfREZDNzM3NjU=] [quote:Peter dribble 697815] the way things are going...i`m surprised they sold any at all.... Sloppy? Yes, you look at the Tail, and it was long. 2.65times more bidders than the sale. Not a fail, I doubt yu will get any less than 200% more buyers. Tomorrow should be huge, 300% more buyers than seller, me thinks. See, the government does not create money out of thin air,(as P.Shifter might have you believe), they have to sell Bonds, they create debt. Just like any one that want something and uses their credit card. You borrow it using future income streams. The government does create money out of thin air when they monetize the debt like they are doing right now. They issue bonds out of one window and buy those bonds from the other window. So one of the most important auction statistics is how much of the debt the FED itself bought either directly or through proxies or intermediaries. You are confusing the Treasury and the Fed. Lets see how much was purchased by Foreign banks. Or as you think, Fed proxies? [/quote] I am not confusing the two. The FED is monetizing the debt under the moniker of "quantitative easing" which is a euphemism of printing money. Put simply, they are buying their own debt. The sophisticated traders are watching for the proportion and degree of quantitative easing versus interest rates because effectively they are buying as much of their own debt as necessary to keep interest rates down and it isn't working. [/quote]
Original Message
Only 46% of the bonds sold, 13 1/2 billion out of 30 B. Does anyone think the sale today will bomb?
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