Submitted by Tyler Durden on 12/13/2011 13:19 -0500
Ben Bernanke
Bond
Cognitive Dissonance
Reality
If there was any concern that today's auction of 10 year bonds may have trouble finding buyers, the just released results should sweep any fears deep under the rug: the $24 billion 10 year auction priced at 2.02%, the second lowest ever, higher only compared to the 2.00% from September 2011, while the Bid To Cover soared from 2.64 to 3.53, the second highest ever only to the 3.72 from April 2010, and lastly, the Indirect Bid jumped from 41.6% to 61.9% of the total takedown, amounting to $12 billion of the total ex Soma, which is the second highest ever only to the record 71.3% from February 2011. Further, coming 2 bps to the 2.045% When Issued, shows that there was nothing about this bond not to like. In other words, the market continues to drift off in some QE3 hopium-inpsired parallel reality (which will promptly crash if and when Bernanke says nothing in exactly one hour), even as credit continues to flood into the relative safety of US paper (earlier we saw 4 week Bills price at 0.000% - some "risk taking"). One wonders where and why the surge in foreign demand for safety came from. We will likely very soon know.
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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