Jim’s Rant For The Day. Almost an Un-baged Cat.
The US Treasury just announced: "Due to technical difficulties, today’s Treasury outright purchase operation - scheduled for 10:10 AM in the 4.5 to 7 year sector for up to $6.025 billion - is being rescheduled.
To me the only real explanation for the last minute cancellation is that there was no bidder in line to purchase the 7 year bond because the risk is to great of them paying off.
Therefore, confidence has crashed and the Treasury does not want the world to see it in a failed bond auction. The cat was almost let out of the bag!