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Interesting. Just thinking of the "surprise" 10 year auction done by
Treasury a few weeks back done to take pressure off the repo market.
Now lets see what they do when there are inbalances of their own
creation. I guess the good news is that they did it a couple of
months early. This Treasury is turning into much more of a trader
than I gave them credit for.
Chris
--- In realtraders@xxxx, bruce.larson@xxxx wrote:
> Another poster here and I both agreed a while back the bond would
top
> out on Dec 19. December 19 is the last trade and delivery deadline
> for December futures. There's going to be one heck of a mad
scramble
> when all the bond longs demand delivery come December. Who's going
> to give'em up? Just watch. Its going to get real interesting. In
> fact, I wouldn't be surprised if the exchange has to come in to
alter
> the rules. They did it for the German bobl contract in the mid 90s
> when there was a big squeeze and the shorts couldn't deliver.
> 30 year UK gilts are at 4.3 vs 4.5 for UK ten years. Could be a
good
> proxy for things to come in the US.
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