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$99 Billion In 2,5 And 7 Year Bonds On Deck
Total Federal debt as of last night was $13.7 trillion. This is obviously insufficient. Which is why the Treasury just announced its latest refunding announcement in 2, 5 and 7 Year Notes. The total: $99 billion in new debt to come. Which makes the Fed happy: more bonds to buy shortly. It also makes it nervous, since with debt with a 10 year+ duration just under $600 billion in total, it means that very soon the Fed's average holding duration will drop from its current 4 years to even lower.
Here is the breakdown for upcoming issuance with auction date:
- October 26: $35 billion 2 Year notes (link)
- October 27: $35 billion 5 Year notes (link)
- October 28: $29 billion 7 Year notes (link)
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The debt ceiling debate could be fun this time around. Wait, debate? Nah, I'm dreaming again.
+1
The Federal Budget is more like a "Gentleman's Agreement" regarding a "guideline". The debt ceiling is the same thing: Neither mean anything, neither has binding authority, and both are only represented through fraud.
Makes sense that since we don't even have a Federal Budget that we might as well blow past the "Federal Debt Subject To Limit" without bothering to vote nor talk about it.
It's only those silly non-D.C. people that get sick at the thought.
By its very nature, only those living outside the Bizzaro World are sickened by the show. The natives who live within see nothing but blue skies and green pastures.
Damn, watch where you're stepping old chap. You don't want to go and ruin heaven with a careless step off the straight and narrow path.
Speaking of bonds:
http://www.bloomberg.com/news/2010-10-21/bank-of-america-10-75-notes-due-2018-trade-as-a-single-issue.html?cmpid=yhoo
LOL. Bond market tends to tell the real story.
$99B...all to go into the greasy hands of Brian Sack for POMO. In short 99B to primary dealers for an all-out, risk-on, funnyland carnival buying spree.
Bernanke knows what hes doing. Hes the Fed cheif. NFLX is up 19.00. Its all good.
Does anybody really think the stock market will end red today?
that rally is for real. it's treausuries that are "POMO'ed" not equities. Fight that tape all you want. You listening to an equity guy who thinks "Gold @ $30,000 is just right."
Oh joy. My spouses birthday is on the 28th. Maybe I'll buy here a Billion in 7 year "toilet paper" for her birthday.
I'm sure it will age nicely. We can always paper the bathroom.
Do you have a large bathroom? You might want to wait on your purchase.
I hear it will soon be going on "sale" with "Everything Must Go!" incentives.
Buy the UK, Get Iceland for Free!
LMAO!!!!!!!!
Yeah, but how can I be sure I'll get clear title?
+100 LOL!!
That is funny, and it's so true that if you didn't laugh you would cry.
You are a brave man ... putting your spouse's birthday, aging nicely, and toilet paper all in the same context. Time to order out for noodles!
Please back away and put down that birthday cake slowly.
I said slowly!
Don't you mean Ben Shalom Bukkake, as he is spooging over all those who are virtually forced to do transactions via the US dollar.
Now we're talking. Why this doesn't have 500 comments is beyond me. "This is a market." They were failing all of last year going into the Spring and then "bam!"--no problems. BIG support to economic growth. Proverbial "two edged sword" though. The bull market in treasuries has not discouraged wonderful Washington from "deep sixing the Federal Budget." (sarcasm as usual, off.) So "keep pounding the table on that strong dollar, Kudlow." I will have my revenge. (sarcasm on?)
Wonder if Congress will raise the debt ceiling in November? Should be interesting since I doubt they will have the votes after this coming election. Get em while they are hot.
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.
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