Primary Dealers remain moderately hedged in their bond portfolios. There’s no sign in their data that disaster is imminent, but they are also not prepared if the bond market continues to go south, as it has been for the past month. And as it is likely to when the debt ceiling is finally lifted, whether before or after default. At that point the market will be crushed with supply. Non-subscribers, click here for access.
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Originally, I was a lone voice in the wilderness warning of this eventuality, but big players have joined the chorus recently. The idea seems to be in the process of becoming conventional wisdom. Does that mean that the big players who matter are as well prepared as necessary to prevent the bond market crunch? Non-subscribers, click here for access.
This report gives answers and tells you what to do about it. Non-subscribers, click here for access.
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