The faith-based economy
Friday, February 24, 2006
Time : 7:49 AM
Time : 7:49 AM
Found this on The Daily Kos
From Reuters
U.S. Treasury debt prices extended losses on Thursday after an auction of five-year notes garnered surprisingly weak demand, including from indirect bidders.
That category includes customers of primary dealers but also foreign central banks, and it is therefore used as a proxy for offshore interest in U.S. government debt.
Already unnerved by a drop in jobless claims that reinforced the likelihood of further interest rate hikes from the Federal Reserve, traders kept bond prices well into negative territory.
"It was a terrible auction," summed up one trader at a U.S. primary dealer. "The bid-to-cover stank, the indirect bid was bad -- I would be surprised if the market manages to rally from here."
Scary stuff. This is the price we pay for short sighted policies, and greed to the extreme by the ruling class.
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