US Treasuries and Retail sales
By Daniel at 27 January, 2009, 10:27 am
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US Treasuries are in difficulty as Mondays sale didn’t go as well as expected and the absolutely large amount of US debt has only just been started to be offloaded on to the market:
http://uk.biz.yahoo.com/27012009/323/treasuries-short-end-underperforms-auction-eyed.html
Treasuries fall again as US starts trying to sell huge amount of debt. Reaction to the first day of debt sales is “It was a little sloppy,” Jamie Jackson, who oversees government debt trading at RiverSource Investments in Minneapolis, said of the auction. The firm manages $90 billion of bonds. “People were of the mind that this was going to be a raving success. Expectations were a little too high.”
http://www.bloomberg.com/apps/news?pid=20601103&sid=aZumxWK9Pmm4&refer=news
“Government securities tumbled 2.2 percent in January, heading for their biggest monthly loss in almost five years, according to Merrill Lynch & Co.’s U.S. Treasury Master index”
http://www.bloomberg.com/apps/news?pid=20601103&sid=aP2flP7_pJfc&refer=news
Denninger website sums this up well
http://market-ticker.denninger.net/archives/747-Bernanke-Game-Over.html
Shadowstats: Decline in retail sales worst since World War II
“Annual real retail sales fell by 9.09% in December, versus a 9.11% contraction in November, the steepest annual declines since 1952. On a three-month moving-average basis the December and November declines were 8.88% and 7.87%, respectively. The December annual moving-average decline was the deepest in the history of the two most recent retail series, making the results the worst of the post-World War II era. The annualized real contraction for fourth-quarter 2008 retail sales was 17.1%.”
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