nessuna rekkia morta di indigestione
good vuol dire che vi mantenete in forma
io ho commesso l'errore di invitare inglesi a casa a magnare e mò non me li tolgo più di torno
beh vediamo di fare un pò di volumi
oggi iniziano le mega aste di fine anno
si incomincia con un antipasto a base di 2 anni
Treasuries Drop on Concern Recovery May Reduce Sale Demand
By Beth Mellor and Theresa Barraclough
Dec. 28 (Bloomberg) -- Treasuries fell as stocks rose and investors bet the U.S. recovery will fuel inflation, reducing demand for debt at auctions this week.
The decrease pushed 10-year
yields to the highest level in more than four months. The difference in yields between 2- and 10-year notes was almost the widest ever before reports this week that economists said will show the plunge in U.S. home prices eased and consumer confidence climbed. The Treasury will sell $44 billion in two-year notes today in the first of three auctions this week totaling a record-tying $118 billion.
“This is classic pre-auction cheapening and is exaggerated by thin liquidity,” said
David Schnautz, an interest-rate strategist at Commerzbank AG in Frankfurt. “For the short-end auction with two-year yields close to 1 percent, it should be viewed as attractive. The longer the maturity, the more difficult it could get.”
The yield on the benchmark 10-year note rose five basis points, or 0.05 percentage point, to 3.85 percent at 7:27 a.m. in New York, according to BGCantor Market Data. That level was the highest since Aug. 10. The 3.375 percent security due in November 2019 fell 3/8, or $3.75 per $1,000 face amount, to 96 3/32.
Two-year notes yielded 1.01 percent, or 2.84 percentage points below 10-year rates.
Auction Demand
The spread widened to a record 2.88 percentage points on Dec. 22. The previous record spread of 2.81 percentage points was set on June 5, when Treasuries plunged after a government report showed the smallest decline in U.S. payrolls in eight months. Ten-year
note yields touched 4 percent the following week, the highest level in 2009.
The last sale of two-year notes in November drew a high yield of 0.802 percent, the lowest ever, and attracted bids for 3.16 times the amount on offer, compared with a bid-to-cover ratio of 3.63 at the October sale. The two-year security to be sold today yielded 1.02 percent in pre-auction trading.
The U.S. will sell $42 billion in five-year debt tomorrow and $32 billion in seven-year securities on Dec. 30. The five- year sale and seven-year offerings equal the all-time highest issues of the securities, set last month.
“Fiscal worries are also very much present in the U.S., and higher U.S. yields are also a reflection of such concerns,” said
Sebastien Barbe, a Hong Kong-based strategist at Calyon, the investment-banking unit of Credit Agricole SA.
President
Barack Obama is borrowing unprecedented amounts for spending programs. U.S. marketable debt increased to a record $7.17 trillion in November from $5.80 trillion at the end of last year.
Economic Data
Property values in 20 metropolitan areas fell 7.1 percent in October from a year earlier, the smallest 12-month drop since 2007, according to the median forecast of economists surveyed by Bloomberg before a report tomorrow from S&P/Case-Shiller.
The New York-based Conference Board’s consumer confidence index rose to 53 this month from 49.5 in November, according to a separate survey. The measure reached a record low 25.3 in February.
“The healing process is continuing,” Schnautz said.
The gap between
yields on Treasuries and Treasury Inflation Protected Securities, or TIPS, due in 10 years, a measure of the outlook for consumer prices, was at 2.36 percentage points, after earlier reaching 2.39 percentage points, the most since July 2008.
Holders of U.S. Treasuries of all maturities have lost 3.6 percent this year, according to Bank of America Merrill Lynch indexes.
Yield Outlook
Yields on
10-year notes will climb to 5.5 percent, according to
David Greenlaw, chief fixed-income economist at Morgan Stanley in New York. The surge will push interest rates on 30-year fixed
mortgages to 7.5 percent to 8 percent, almost the highest in a decade, Greenlaw said.
Investors are demanding higher returns on government debt, boosting rates this month by the most since January, on concern President Obama’s attempt to revive economic growth with record spending will keep the deficit at $1 trillion. Rising borrowing costs risk jeopardizing a recovery from a plunge in the residential mortgage market that led to the worst global recession in six decades.
“When you take these kinds of aggressive policy actions to prevent a depression, you have to clean up after yourself,” Greenlaw said in a telephone interview. “Market signals will ultimately spur some policy action, but I’m not naive enough to think it will be a very pleasant environment.”
An investor survey showed fund managers remained bearish on Treasuries.
Ried Thunberg’s index measuring the outlook through the end of March was unchanged at 43. A figure below 50 shows investors expect prices to fall. The company, based in Jersey City, New Jersey, interviewed 22 fund managers controlling $1.301 trillion.
: prima vogliono soldi del debito pubblico per salvare le loro banche, poi bisogna ridurre il debito pubblico. Proviamo ad indovinare come: tassando la gente ? 
