"Unless the mass retains sufficient control over those entrusted with the powers of their government, these will be perverted to their own oppression, and to the perpetuation of wealth and power in the individuals and their families selected for the trust. Whether our Constitution has hit on the exact degree of control necessary, is yet under experiment. "
– Thomas Jefferson, Letter to M. van der Kemp [1812]
Dear CIGAs,
Here is the US dollar according to CIGA Davis:
Jim,
Do I sense a bit of panic here?
CIGA BJS
Dear BJS,
Do you think it might be a good idea to stop the China bashing in the Western financial media?
Jim
Treasuries Decline as Demand Drops at $11 Billion Bond Auction
By Susanne Walker and Dakin Campbell
July 9 (Bloomberg) — Treasuries fell as the government’s $11 billion sale of 30-year bonds drew less demand than the previous sale of the securities, the final of four U.S. auctions within a week for the first time.
Yields on 10-year notes climbed from the seven-week lows reached yesterday, when investors seeking refuge from an economy whose recovery may take longer than expected submitted the most bids on record at a sale of the debt. The bid-to-cover ratio on today’s 30-year auction, which gauges demand by comparing total bids with the amount of securities offered, was 2.36, compared to 2.68 at the June offering.
“This is the supply drift,” said Chris Ahrens, the Stamford, Connecticut-based head of interest-rate strategy at UBS Securities LLC, one of the 17 primary dealers that bid on the sales. “Yesterday there was a little panic going on.”
The yield on the benchmark 10-year note rose 11 basis points, or 0.11 percentage point, to 3.41 percent at 4:39 p.m. in New York, according to BGCantor Market Data. The 3.125 percent security maturing in May 2019 fell 7/8, or $8.75 per $1,000 face amount, to 97 20/32. The yield fell yesterday the most on an intraday basis since March 18, when the Federal Reserve said it would buy U.S. debt to cap borrowing costs.
Indirect Bidders
The 30-year bond yield rose 10 basis points to 4.30 percent. The yield yesterday fell as much as 15 basis points, the most in over five weeks.
