A modest increase in Treasury supply this month is not the market’s biggest problem. The Fed is still pumping billions into dealer accounts each month, more than enough to absorb all net new Treasury supply. Under extant conditions over the past 4+ years that would have been enough to keep both stocks and bonds on a bullish path.
The fact that the bond market has been in a bear market since late in 2012 and stocks have suddenly stalled tells us that something has changed. The context in which we read the data is now very different than it was last year.
Table of Contents
Week Just Completed
Treasury Auction Takedowns By Investor Class
Primary Dealer Trading
Foreign Central Banks
ECB And The Treasury Market
Bond Fund Flows
Bank Purchases Of Treasuries
Federal Government Cash Flows
10 Year Treasury Yield
US($) Dolor Index
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