Starting on Friday, July 24th, the US Treasury is auctioning the following:
70-day CMBs, $30 billion (July 24th)
13-week Bills, $32 billion (July 27th)
26-week Bills, $31 billion (July 27th)
52-week Bills, $27 billion (July 28th)
2-year Notes, $42 billion (July 28th)
5-year Notes, $39 billion (July 29th)
7-year Notes, $28 billion (July 30th)
19-year, 6-month TIPS (reopened), $6 billion (July 27th)
Add it all up and you get $235 billion over the next week. This is an unprecedented amount in such a short time period. Who is going to step up to the window and purchase these? I suggest we all pay attention to the news this week and see how this turns out. It will be a very, very big signal about the timing of the coming inflation. If the Federal Reserve has to step up to cover these debts I would say that the coming inflation is very near. Protect yourself.
Saturday, July 25, 2009
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