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$32 Billion 3 Year Auction Prices At 0.575%, 3.26 Bid To Cover, As Primary Dealer/Direct Bidder Complex Takes Down Two Thirds Of Total
Today's $32 billion 3 Year auction priced at 0.575%, a slight uptick from October's record 0.569% as the Fed's implicit support of the short end is declining, and the bulk of monetization focused around the 5-7 Y segment. Alas, judging by the recent collapse in indirect interest this may be a premature contention. Indirect take down in the auction was just 35%, a slight improvement on last month's abysmal 29% (which saw a whopping 59% in Primary Dealer take down), it was still the second lowest foreign bidding since January 2009. And with direct bidders purchasing 13.9%, and primary dealers 51.1%, the Fed complex once again monetized nearly two thirds of the auction. Look for the PD/Direct take down to increasingly grow ever larger as Fed monetization becomes increasingly obvious in the auction market.
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duh? (nothing negative TD...) just sayin...and keep up the great work. Now that Cramer ads are removed from the site, I can breathe again...
google ads.....
google ads, which ZH has full (FULL) control over...just sayin. I got banned once already for bringing this up, and now it's finally changed (hurray)...congrats to TD for getting some street cred back.
I think the irony of Cramer ads on ZH is delicious.
I'd take Cramers ad money all day too!
I dont see ads but when I read ZH on other's puters I always clicked the Cramer ads. Money straight from Cramer to ZH. Feels good.
Doesn't Cramer have to pay for the clicks? I say click on his ads multiple times daily and rack up his costs, then buy a little google ;)
actually, Cramers add budget was cut because of a lack of viewers... just saying...
AB+ was golden, until all my firefox add-ons decided to quit working (64 bit XP) with 3.6 firefox. Tried the recovery methods firefox support suggested. Now I'm just stuck with ads. At least I have a line on a colon cleanse, if I ever need one.
ALL AMERICANS SHOULD SHORT BAC. IT IS YOUR PATRIOTIC DUTY. A JOURNEY OF ONE THOUSAND MILES STARTS WITH THE FIRST STEP.
Buy gold and silver bullion, same effect.
How about both-now there's a long short hedge fund I can believe in!!
OT- Lennon! Great to see your avatar reflecting the current market environment... as usual, always spot on! LMAO!
I'm European, so you won't hold it against me when I tell you I'm long on BAC since 11,27$ right?
"Patriotic duty"? you mean waisting your money on something you already blew and use the patriotic word for your economic gain?!
You should run for congress!
The real question that can be verified is that markets are struggling today and volume is pathetic. Why aren't the markets blasting off?
Unlimited backstop, unlimited credit (money?) creation for PD's, all major remaining unknowns (Fed policy, jobs report, election) resolved.
And the outcome is some of the saddest volume yet!!! Gold new all time highs while oil (real generally disposable economic barometer) still well below highs of the year and half of all time high.
If everybody knows the market can only go up, why would it ever go down??? Maybe a momentary dip but seriously, the fact there is no one left (retail, carbon) who wants to buy...should this be of any concern? Or does this simply mean that market is more easily manipulated? Is the pattern of opening dip which is bought up throghout the day just an attempt to elicit volume for the traders? Is it really all about the Fed "drip" to push the markets up neither too fast nor too slow? But much like a bank, big trouble comes if people suddenly think get while the gettings good and this game is just that, "a game". Will real people have confidence to remain invested in stocks as they head back toward all time highs while the economic mismatch remains? What happens if a few traders end up w/ all the outstanding trading shares and at elevated levels? Can the fed feed them enough $ and offload enough shares (via Fed lending and T purchases through POMO's) to keep this going? There must be some question or otherwise the smart money would know it's time to buy, buy, buy. Yet, there must be some real doubt about the music stopping...thoughts???
Martin Sheen: "who's in charge here soldier?" Black dude firin' at Charlie, "AIN'T YOU?"
Or is the $ now fleeing the US for $ carry nirvana in EM's bypassing US held equities?
What do you wash shit sandwiches down with anyway? Or do you just get used to swallowing after a while?
Shit juice.
depends if it's your own shit or somebody else his shit.
Hey guys, Sister Sarah is apparently a new subscriber to ZH. Seems she's all over Uncle Ben and his dangerous profligacy. http://www.huffingtonpost.com/2010/11/08/palin-tells-bernanke-cease-desi...
I believe a part of the reason for QE2 (I call it QE3) was that foreign central banks made it clear that they no longer wanted to purchase UST's in size, and perhaps even some of them wanted to sell.
Oh, and saw Bullard on RAN Squawk saying the Fed isn't monetizing debt. WHAT?! Bulltard...
I lost track on my keyboard. Is today dollar pump ("D") day or stock pump ("S") day? What happens if I drop my tuna melt on the keyboard?
Today is maverick ("M") day.
Interesting that foreign investors who want to appear pissed off at US policy still step up to the plate. Always the same, all talk with these guys and no action. Bernanke knows this and that's exactly why he's so smug about QE2 and all QE's that may follow. The world talks a big game but we're still the boss and they know it.
You scratch my back while I scratch your back.
Or like Benny B. would say: You scratch my back and I'll blow ya
He who has the biggest guns, wins.
That is what this is all about. Until they group together to take the US on and call the bluff, nobody is going to be doing anything...
we are talking "guns loaded with money" right? i thought "that stuff was valuable"? how does "blowing it up create more of it?" and when last i checked "they were going full on wise ass at ZH."
The boss of this shitshow? Who cares?
Japan buys U.S debt, U.K buys Japanese debt, and the U.S buys U.K. debt. And the wheels on the bus go round and round all through the town.
Dr. Bernanke and his [sorry, US Fed’s] policies vs. the rest of the World. Do you think Mr. Big Ben has discredited the quality of education of Princeton University?
Not anymore than Summers did Harvard's.
:)
Who is the head clown in charge of the clownshow? Big deal, who cares?
Do you smell cherries?
Maybe it's "Captain Jack Sparrow" at the helm? "Wellllcome (stumbling around drunk on beach)....to the Caribbean!" Compass "spinning round and round" so "we go THAT way now." He always seems to get us there, right?