Implications Of The Treasury Decision

Topics:
Equity
Tags:
Bond,
Finance,
Investment,
Morgan Stanley,
Treasury
Source:
Morgan Stanley Dean Witter & Co.

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Overview: The decision by the Treasury to end issuance of 30-year debt caught markets by surprise. This surprise was more about timing, however, than any fundamental news about fiscal policy or debt supply. Treasury's announcement did not make a material change to the likely supply of long Treasury bonds. Treasury has clearly become a price-sensitive debt manager. This should affect future yield curve dynamics. Price action in the bond market around the time of the announcement, is a poor guide to the long run implications of a decline in the quantity of long Treasuries. This article tells us about the effect of the treasury decision on the market equities.

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Format: PDF | Size: 29KB | Date: Nov 2002 | Pages: 3

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