We sold 104 billion of treasury debt this week
brog:
Over a 100 billion a week, 104 is a record, beating last weeks 101 billlion.
We will see a $2 trillion worth of new debt issued this year.
The best part about this is the following:
(re: wsj)
On Wednesday, the indirect bid for the $37 billion five-year note jumped to a record high of 62.8%, compared with 30.8% last month. And in Tuesday’s, the $40 billion two-year note garnered an indirect bid of 68.7%, compared with 54.4% from the previous auction in May and the average of 36.4% for the past 11 auctions.
…
The new definitions are deep in the arcane world of Treasury auctions. The change involves buyers who place orders through primary dealers. Those had been counted as direct buyers, but as of June 1 they were classified as indirect buyers, making that group larger than before. Because investors view that group as being dominated by foreign buyers, they assumed foreign demand was higher.
mmm…gaming the system US Treasury Style!
like the extra info… this is not a new theme, but in general it seems that “reclassification” or “change is measure” is increasing in frequency in order to make governmental statistics
