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They aren't replacing anything right now, they have the operating surplus
to work from... and a lot of IOUs to the trust funds.
So they are buying back high coupons at a huge premium to where they issued
them and (for the most part) are not replacing them.
At 07:54 AM 6/1/00 -0600, sptrader wrote:
>I thought the government was just buying back the higher interest rate bonds
>of the past(10%+) and replacing them with the current lower interest rate
>bonds- (not shorter duration)- replacing them with shorter duration is
>foolish indeed.
>Steve
>----- Original Message -----
>
Stewart Taylor
Taylor Fixed Income Outlook
Voice: 501-219-9774
Fax: 501-228-0963
E-Mail: staylor@xxxxxxx
Web Site: http://www.cei.net/~staylor/
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