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Strong 3 Year Auction Stopped Through Even As Direct Takedown Tumbles
If there was any doubt which way the market was leaning if not in stocks, then definitely in bonds, it was promptly crushed moments ago when the US sold $27 billion in 3 Year paper. The When Issued, which was trading at just shy of 1%, or 0.998% to be precise, suggested we could have our first 1% bond auction pricing since May of 2011. That however was not meant to be the case today when as a result of surprising demand for the short end, the Treasury sold TSYs at a high yield of 0.992%, stopping through the when issued by 6 bps, even if the final yield was still the highest in over three years.
The internals were also solid, with a 3.381 Bid to Cover, below last month's 3.414, but above the 12 month average of 3.337. Dealers took down just under half of the auction, or 49.1%, while the Indirect takedown surged from 26.5% to 38.2%, the highest since February's 42.0%. This means Directs, who got $3.4 billion of the final allocation, were left with only 12.7%, the lowest since December: is Pimco finally done loading up on the short end?
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PIMCO has its eyes on yield: Spain, Greece, Argentina, etc. The high quality debt.
from Dave over at http://investmentresearchdynamics.com/ regarding the bullshit move in Silver on the Crimex...
for those other than me that give a damn...
"A cool 1.4mm oz in 10 mins from 8:05 – 8:15 a.m. MST in Comex paper gold. That’s compared to 915k total “registered” gold, which is the gold available for delivery."
So then why don't 915k get requested for delivery by longs and put an end to this fraud ????.....I just don't get it
look, we know that demand is off the hook - all the data shows this and most of its headed east...but when you can sell/short in paper form what you do not possess in physical with the blessing of the regulators that you control, shit can go on for a long time...
until it dont...we're close...only a few more of those musical chairs left to sit in...
Dejavu all over again. What's the yield on Mongolian subprime debt now? Is it better than in 2007?
I have several rolls of mongolian subprime in my bathroom closet, how many would you like?
Calling Bill Gross. ....pick up the red phone Mr. Gross
Mmmmm.... I love a negative real return. There is no better feeling than pissing my buying power down the drain.
I like to follow the 30ryr rates. The fall in rates today is not reflected in stock market volumes. In other words, there is no flight to safety yet rates are quite low compared to yesterday. I hate to say it, but something looks manipulated.
"I hate to say it, but something looks manipulated." < shocker >
Wake me when you find something that isn't manipulated.
The price of milk.
WHOLE milk.
LOLZ buddy!
Price of whole store-bought milk is completely controled by the gov:
http://www.dairyreporter.com/Commodities/The-US-milk-payment-system-How-...
Unless you meant the price of RAW milk by indie sellers. The feds HATE HATE HATE these guys too! All RAW milk is my area is labeled "Not For Human Consupmtion" and is sold in the "Pet" areas of the organic health food stores to get around Fed Regs.
America is still for sale...
same as it ever was...
Money flows will decelerate into the last half of 2014 (dropping inflation & real-output figures). Rates and the demand for loan funds only turned around when the Fed discontinued its unlimited FDIC insurance. That sent voluntary savings back through the non-banks raising AD. QE3 (like QE2), simply produced another negative qtr of real-gDp.
Money flows will decelerate into the last half of 2014 (dropping inflation & real-output figures). Rates and the demand for loan funds only turned around when the Fed discontinued its unlimited FDIC insurance. That sent voluntary savings back through the non-banks raising AD. QE3 (like QE2), simply produced another negative qtr of real-gDp.