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TRSY

PIMCO Broad U.S. Treasury Index ETF

5/20/2013, 9:06 AM ET

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Sunday, March 17, 4:06 AM The Treasury is investigating whether investors are accumulating government bonds in order to boost prices after $78.87B worth of 10-year notes used as collateral in repo market weren't returned to the loan counter-party on Monday. Over the week, the cost of borrowing Treasurys for use in the repo market or for short sales jumped more than three-fold, only easing after a government auction. 3 Comments [Global & FX, U.S. Economy]
Wednesday, January 2, 4:47 AM The amount of debt that the G7 and four of the BRIC nations will need to refinance this year will fall by $220B to $7.38T, Bloomberg calculates, although the amount the U.S. will have to cover will increase to $2.9T from $2.6T. Overall government debt returned 4.5% on average last year, led by a 78% gain on Greek bonds. However, yields on major sovereign debt are expected to remain low. Comment! [Global & FX, U.S. Economy]
Monday, August 20, 2012, 4:51 AM The gap between bank deposits and loans is rising at the quickest pace in two years, coming in at $1.75T on August 8, when deposits stood at $8.87T and lending $7.12T. The gap is well above the $100B average in the 10 years before credit markets started breaking down. Banks are using the money to snap up U.S. debt, buying $136.4B worth this year, more than twice the $62.6B for all of 2011. It's unsustainable, says an analyst. Comment! [Financials, U.S. Economy]
Monday, June 25, 2012, 5:49 AM Bunds are losing some of their safe haven status, as investors wonder whether Germany can continue to bear the burden of backstopping the eurozone crisis. U.S. Treasurys are likely to benefit, as few other havens remain; Switzerland and Japan are trying to deter investors to keep their currencies from appreciating, while Denmark and its northern neighbors aren't large enough to be true havens. 2 Comments [Global & FX]
Wednesday, June 13, 2012, 3:14 AM Pimco's Total Return Fund increased its exposure to U.S. Treasury-related securities to 35% in May from 31%, and raised its leverage on the $261B portfolio. 2 Comments
Tuesday, May 1, 2012, 7:48 AM "Not suddenly, but over time, gradually higher rates of inflation should be the result of QE policies and (endless ZIRP)," writes Bill Gross, the bond man turning goldbug (?) as he urges a higher allocation to real assets as a way to combat this. Gross also recommends shortish-duration fixed income as well as stocks offering 3-4% yields. 3 Comments
Saturday, April 21, 2012, 8:45 AM The bulls are building a sandcastle on the cover of Barron's, whose Big Money poll may be of dubious predictive value, but gives a great summation of the current conventional wisdom. Some areas of leaning to one side of the boat: Just 2% of those surveyed are bullish on Treasurys, and while 31% feel tech is the place to be over the next 6-12 months, not one thinks it could be the worst performer. A not-yet-IPOed Facebook makes the list of most overvalued stocks. 11 Comments
Tuesday, April 17, 2012, 5:05 PM It's all about the debt, writes the crack team of Hoisington and Hunt, and the extent to which the U.S. accumulation of such has been put to use unproductively has them maintaining their bullish Treasury stance. Might the debt be inflated away? Not likely. "The increase in interest rates associated with higher inflation would be one for one ... To start down this road ... would be foolish, impractical, and improbable." 12 Comments [U.S. Economy]
Thursday, March 29, 2012, 11:53 AM While today's economic data "had a less-rosy tint than of late," says MarketBeat, it is helping the Fed achieve its goal of keeping yields down. Those for 10-year Treasurys are -4 pbs to 2.16%, illustrating the Fed’s conundrum: "Any acknowledgement of improvements risks sending yields higher, which would then choke the recovery." 5 Comments [U.S. Economy, Global & FX]
Tuesday, March 20, 2012, 10:35 PM Minneapolis Fed President Kocherlakota - responding to questions after a speech - says the Fed should begin withdrawing monetary stimulus later this year or 2013 if his forecasts regarding growth and inflation are correct, quickly adding, "That doesn't mean I want to raise rates tomorrow." The long bond quickly sheds half a point on his remarks, now yielding 3.46%. 2 Comments [U.S. Economy]
Tuesday, March 20, 2012, 7:33 AM Treasury prices are higher early as the risk meter makes the rare move to "off." Should prices end lower today, it would be bonds' 10th consecutive decline, the longest stretch of red since the 1974 OPEC oil embargo. The 30-year bond -3.6 bps to 3.44%, the 10-year down 3.4 bps to 2.34%. Comment! [U.S. Economy]
Monday, March 19, 2012, 3:22 PM Long-term Treasurys continue to get sold hard, the 10-year yield rising 8 bps to 2.38%, the highest level since late October. A rise above 2.40% would "break resistance" as the chartists like to say, with clear sailing all the way to 3%. TLT -1.4%. (earlier) 8 Comments [U.S. Economy]
Monday, March 5, 2012, 9:33 AM "There are buyers that lurk everywhere," says RBS bond strategist William O’Donnell, making the Treasury market sound like a cheap horror flick. Foreigners hold a record $5T after increasing their holdings 13% last year. The problem for cash-rich investors is the shrinking supply of top-rated assets, not that the U.S. is 100% AAA anymore. Comment! [U.S. Economy]
Thursday, March 1, 2012, 6:28 AM China has sharply cut the share of its foreign reserves held in dollars, according to Dow Jones calculations. Though the exact composition of China's $3.2T reserves has always been a mystery, the portion of dollar holdings appears to have dropped to a decade-low 54% as of June 2011 from 65% in 2010 and 74% in 2006. 1 Comment [Global & FX]
Tuesday, February 28, 2012, 2:23 PM Central banks continue to inflate the debt bubble and "defer the pain," writes Thomas Feeney. The problem is that the world's central banks face a debt crisis so severe that they continually ward off the "corrective forces" of recession by issuing more and more debt. According to Feeney, the bubble will will eventually pop for a future generation with government defaults. Comment! [U.S. Economy]
Monday, February 20, 2012, 12:10 PM The eurozone's crisis has shifted focus away from the U.S.'s enormous debt load and has lifted foreign demand for Treasurys. Once global factors cede the spotlight, and eventually they will, and as the Fed starts to remove itself as a buyer, Treasurys may be poised for some pain. 22 Comments [U.S. Economy]