Not only did the U.S. Treasury just sell $29 Billion worth of four-week bills at par (i.e., they got $29 Billion for them, and will return $29 Billion on 29 December), but the bid to cover ratio was over 5:1 (pdf link; had $154B in bids for $29B in securities). This is down 0.06% from […]

by Bruce Webb In the course of a post called the The Vanishing Surplus-Revealed there arose a semantic dispute about what ‘surplus’ means. Well I maintain that the answer to that question is not in authorial intent but instead on audience reception. If you are writing for a popular audience you have an obligation to […]