If you get a chance, check out my latest video update. It gives you a heads up about what to expect when the two-day Federal Open Market Committee wraps up tomorrow afternoon. Here’s the link.
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From the category archives:
Interest Rate News
Somewhat surprisingly, the auction of $28 billion 7-year Treasury Notes went pretty well. The notes were sold at a yield of 3.092%, compared with pre-auction talk of 3.124%. Some 61.2% of the notes went to indirect bidders, while the bid-to-cover ratio came in at 2.74. That compares with 62.5% and 2.63 at the last sale [...]
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The Treasury just unloaded $39 billion in 5-year Treasury Notes, tying a record for the largest such auction ever. How’d things go? The notes were sold at a yield of 2.494%. That was ever-so-slightly better than the 2.509% yield the market was expecting, according to Bloomberg.
Indirect bidders bought 56.4% of the notes sold, while the [...]
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We’re unloading tons of Treasury debt this week. First up: A record-tying $42 billion in 2-year Notes. The notes just sold at a yield of 1.119%, slightly above the 1.115% that participants expected. Indirect bidders snapped up 49.4% of the notes sold, while the bid-to-cover ratio came in at 2.68. The bidder percentage figure rose [...]
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Ben Bernanke will reportedly be reappointed to another term as Federal Reserve Board Chairman. There was some speculation out there that the Obama administration might switch horses (nominating someone like Larry Summers). But no longer. More from the New York Times:
“President Obama on Tuesday will nominate Ben S. Bernanke to a second term as chairman [...]
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The July jobs report just hit the tape and I have to say, it came in “hot.” The details are as follows:
* Nonfarm payrolls fell by 247,000 last month, much smaller than the average forecast for a reading of -325,000. June’s number was revised down to -443,000 from -467,000 and May’s reading was revised down [...]
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The Treasury Department just released the details of its next round of debt auctions. It looks like we’ll get $37 billion in 3-year notes on Tuesday, $23 billion in 10-year notes on Wednesday and $15 billion in 30-year bonds on Thursday. Treasury also admitted that auction sizes will rise “gradually” in the medium term, and [...]
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What a day! The bond market is getting crushed and the dollar is falling off a cliff thanks to strong global economic data. The CLSA China Purchasing Managers’ Index got things going overnight when it rose to 52.8 in July from 51.8 in June. That’s the highest reading in a year. Then a few minutes [...]
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Yesterday’s record 2-year Treasury Note auction went off fairly well. Today’s 5-year auction? Not so much. The Treasury tried to sell a record $39 billion of notes. Pre-auction talk was for the notes to sell at a yield of 2.635%. Instead, they went off at 2.689%, more than 5 basis points higher. The bid-to-cover ratio [...]
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Interesting timing, to say the least. As “Helicopter” Ben Bernanke heads to the Hill for a couple days of grilling, the Wall Street Journal is publishing an op-ed from the Fed Chairman about “exit strategies.” Bernanke tries to lay out the case that the Fed will pull back on all its extraordinary accommodation when and [...]
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