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"This idea that the bond rally is dead ... is incorrect," says Dan Greenhaus, commenting on...
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Tuesday, March 27, 2012, 3:21 PM ET"This idea that the bond rally is dead ... is incorrect," says Dan Greenhaus, commenting on strong demand at today's 2-year note auction. The bid/offer ratio of 3.69 beat the recent average of 3.53 and the average yield of 0.34% was lower than expectations. The long end likes the news too, the 30-year -4 bps to 3.3%, the 10-year -6 bps to 2.19%. TLT +0.8%.
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Every treasury except the 30yr has a negative real yield. Inflation is eating the lunch of anybody buying Treasuries. With a country approaching 100% Debt to GDP, 2/3rds of its debt having to be rolled every 5/yrs on average, and a money supply which has more than doubled, is a receipt for disaster. And yet jokers run around talking about Treasuries being a safe investment and will go higher? Who are they kidding. Its a timebomb waiting to explode.