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$29 Billion 7 Year Closes At 3.005% High Yield, 2.79 Bid To Cover
- Yields 3.005% vs. Exp. 3.047% (tail per RANsquawk)
- Bid-To-Cover 2.79 vs. Avg. 2.55 (Prev. 2.74)
- Indirects 61.7% vs. Avg. 51.44% (Prev. 61.3%)
- Indirect Bid-To-Cover: 1.29
- Direct accepted: 6.3% of Total accepted
- Allotted at high 30.22%
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We're looking at a lower yield than expected if those are the correct numbers so this means it's bullish, right Pisani?
It is nice to see the market got a tiny pop out of this auction. Wouldn't want a disappointment on our hands.
Edit: Pop obliterated for now.
Does this mean I short Gld? :)
Hard to see the motivation for giving the government money at 3% for seven years. Especially since I believe there's capital risk there. I know you can a five year CD -- FDIC insured (well, it's at least nominally safe) -- for about 0.4% more than that.
I would just pay off my mortgage before I gave the government my money at that low of a rate for 7 years.
I've stopped being disappointed with the Liesman's and Pisani's of the world because I no longer see them as "reporters" or even "repeaters" and now simply see them as "cheerleaders" dressed in red, white and blue.
Whoa, what an image that brings to mind. :>)
Good to see the world still has a healthy appetite for the safe haven of US Treasuries.
Yepper-doodle-doo.
Got this in my mailbox from Grayson this morning.
Hi Ghostfaceinvestah,
I have good news. There's a hearing this Friday on the Federal Reserve Transparency Act, HR 1207. During the financial crisis, the Federal Reserve expanded its balance sheet to $2 trillion, and refused to tell me or any other member of Congress which banks got that money. This was unacceptable, as we made clear through letters, petitions, and hearings that have received millions of views and thousands of supporters.
Since then, I've been going to the floor and asking my colleagues to cosponsor HR 1207, the bill to audit the Federal Reserve, because we need to find out who got those trillions. In the House, there are now 290 cosponsors of the bill, which means that this bill is going to pass in some form. And Barney Frank, the Chairman of the House Financial Services Committee, committed to a "complete audit" of the Federal Reserve.
I want to make sure your voices are heard at this Friday's hearing on HR 1207. Tell me why you think the Federal Reserve needs to be audited.
http://action.firedoglake.com/1207hearing
I know people are saying the financial crisis is over, but unemployment is still high, credit is still tight, and no one I know is getting a raise. No regulators have been fired, Ben Bernanke is being lauded in the press for his "brilliance" and we still do not know who has received trillions in bailout money.
This Friday at 9am ET, the House Financial Services Committee will begin to debate a bill to fix the situation. To prepare for this hearing, I want to hear from you why you think we need to audit the Federal Reserve.
http://action.firedoglake.com/1207hearing
Over the course of the next few weeks, I'm going to be engaging in more activities to really push transparency in our financial infrastructure. And I'm going to need your help.
Thanks,
Alan Grayson
Member of Congress
Make sure you all follow the link and post a comment so Grayson knows the People are behind him.
thank you ghost.
perhaps zh will be putting this up as an article for more to see.
I second deadhead's motion.
I did my part for now....and now I am off to the ammunication store and stock up just in case things dont get into motion and I will have to step in.
Man these guys are good!
Every expected yield is within.05%!!
They must have a crystal ball or something.
Everything is so managed in the world right now it isn't even funny. Its pathetic.