The talk of the day was the return of the 30-year Treasury bond after a four-year absence, writes Tony Sagami, owner and founder of Harvest Advisors. Currently, the longest Treasury debt is 10 years.
The talk of the day was the return of the 30-year Treasury bond after a four-year absence. Currently, the longest Treasury debt is 10 years.
The government is reviving the 30-year Treasury bond because it wants to lock in today’s low rates. I don’t know about you, but I always count on the government to screw up whatever it touches so this move is making me reconsider my forecast for long-term interest rates.
Additionally, I also consider this move to be an admission that the government intends to keep running massive deficits and needs every borrowing tool it can get its hands on.
The Dow Jones ended the day with a 13-point gain although the Nasdaq lost a point.
Iran oil minister predicts $70 oil by end of year. Iran is the second largest OPEC oil producer, so it is a critical piece of the oil supply chain.
The Iranian Deputy Oil Minister, Nejad Hosseinian, warned that oil prices would hit $70 a barrel by the end of this year.
“Many experts expect oil prices to reach $70 per barrel at the end of this year. We think it may happen.
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