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$28 Billion 7 Year Auction Results: 3.092% Yield On 2.74 B/C
The question now is how much of the "indirect" interest is actually Fed recycled direct interest.
- Yield 3.092% vs. Exp. 3.124%
- Bid-to-cover 2.74 vs. Avg. 2.5 (Prev. 2.63)
- Indirects 61.2% vs. Avg 44.6% (Prev 62%)
- Indirect bid-to-cover 1.40x
- Allotted at high 46.29% (BBG)
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I wonder what grade Santelli would give them if they weren't cheating.
What is a Santelli? Does it dress like it is going on a date?
A Santelli is a disposable sanitary napkin, wrapped individually and ready for use on the go or in certain situations where an ordianary sanitary napkin would be inconvenient.
I am Chumbawamba.
New Bloggenklatura term,
Fed recycled direct interest...
makes the laundering sound officious.
I'm betting the S&P finishes today +.000000001 to keep the all important winning streak alive.
This pattern is happening about 2-3 days a week now...tank at open, hit the low a little after 10am, rise the rest of the day...like clockwork!
Chosen by the buyers and sellers - i.e. the parties placing the orders (aka the fund managers and their
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
underlings).
Anyone for QE II?
Well, you're right to be a bit skeptical about such a notion, I suppose. After all, it's a bit like saying 'We've got a toilet that is just full-up, and the darn thing just won't flush. I know! Let's just install another toilet next to it, and, voila!, the bathroom is now A-OK!' Except we've got one problem--that stink ain't leaving the room.
LOL! I heard Helicopter Ben has ten toilets in his bathroom.
"The question now is how much of the "indirect" interest is actually Fed recycled direct interest."
99.99999999%? "Indirect", Treasury "auctions", Federal Reserve, US Dollar, US Govt., the Stock "market" - it's all a total f--king joke at this point.
Agreed. There is no way to follow these now. We have zero clue who is buying what, those numbers mean absolutely nothing now.
We almost have to assume the Fed is buying ALL of it after that two year acution pretty much failed last time around.
Glad Im out of dollars. And any excess dollars i have here from the jobbie job i buy silver.
One of the things that gives me great satisfaction even today when I think about it is the fact that I used Bush's stimulus money to buy physical Gold - every cent of it.
While I hate you and everything that you stand for, I salute your craftiness. Gold greed = good.
I am Chumbawamba.
The street owns it and will dump it to the Fed asap
What if the Fed is the hidden indirect bidder and the POMO's are the currency swaps the Fed has been making? Could we then take out the POMO from the ID amount of the auction to get a better idea of the actual indirect bids?
Bernanke is definitely winning this war right now. There is a strong belief that the POMO's are driving equity prices higher. Fact is, these POMO's happen all the time, even before QE. So the bears run for cover every time one of these show up on the calendar. They are always doing them. Always. That's why the FOMC is called what it is, Open Market Committee; it's their job.
Perception has become reality
He's winning the battle - he's lost the war. It's just a matter of time before he/we realize it. Then it'll be ... farewell and adeu to you fair Spanish maidens, farewell and adeu to you ladies of Spain, for we've received orders to sail back to Boston, and never more shall we see the again...
I know POMO's have always been a part of their operation. I'm saying that currently the POMO's are being used to buy back the currency swaps with interest. FCB's aren't allocating any additional funds for UST so the Fed has to give them money to bid so the world believes there is still demand.
The Fed is going to need another round of currency swaps with FCBs pretty soon, by my calculations...
Hmmmmmmmm what mask should I wear today?
..........
http://www.youtube.com/watch?v=gACEVoqT7cY