Good morning … and a happy flash-CrashOversary in case you missed that, yesterday. This mornings note will be short as last night was extremely long … … here is a snapshot OF USTs as of 749a: … HERE is what this shop says be behind the price action overnight…
when long bonds were yield less than 75bps seemed ideal to be an official SELLER funding longest of long term obligations with cheap debt ... regular folks did it (moved outta citys and relocated for the new work from anywhere econ) and improved the consumer balance sheet ... now same folks locked cannot move to improve (job) unless forced but math becomes incrementally more difficult and as for USofA well window of opportunity closed much quicker than any of the current admin could (would want to)move ... an opportunity of epic proportion ... couldn't agree with you more if i tried ...
It's strange seeing Rogers on the Jets sideline; I assumed during his rehab he'd reside in his Dark Room, Peruvian mind bending beverage in hand. But hay leave those Jets alone-they'll always have Broadway Joe!
I haven't finished reading your excellent article, but I want say I appreciate the section on
Treasury Refunding Allocation.
At a cursory glance it looks to me that the Treasury is predominately BORROWING SHORT..
WHY ?????
They are paying Higher ST Rates with a TIGHT payback time period.......
That's not the way to borrow money, if your cash strapped, is it ????
Sure we don't know where rates will peak.....But stretch out the Duration, take the Pressure
off the Frequency and amounts of the Refunding....
It's too Front Loaded !!!!!
Please let me know your thoughts.....
Thank you for your work and your humor......
when long bonds were yield less than 75bps seemed ideal to be an official SELLER funding longest of long term obligations with cheap debt ... regular folks did it (moved outta citys and relocated for the new work from anywhere econ) and improved the consumer balance sheet ... now same folks locked cannot move to improve (job) unless forced but math becomes incrementally more difficult and as for USofA well window of opportunity closed much quicker than any of the current admin could (would want to)move ... an opportunity of epic proportion ... couldn't agree with you more if i tried ...
We needed Robert Rubin, but we have Janet Yellen.....
Bob Rubin and Bill Clinton achieved a Balanced Budget and even made a Principal Payment on the
National Debt, I believe.......
We need people of Rubin's or Milliken's Caliber at Treasury......
They need a Debt Strategy......it looks like they are overwhelmed.....
It's strange seeing Rogers on the Jets sideline; I assumed during his rehab he'd reside in his Dark Room, Peruvian mind bending beverage in hand. But hay leave those Jets alone-they'll always have Broadway Joe!