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Bond Bubble’s Back, USPS in Trouble, Healthcare Tech, Short the Euro and More!
Contrarian Profits (July 31st, 2009) Writes:
Bond bubble remerges… details behind the gov’s latest debt struggle… The slow demise of snail mail… USPS forecasts record losses… Customized drugs: Patrick Cox on a breakthrough set to revolutionize health care… Bill Jenkins with another sign the euro is overvalued… his price targets below…
Just when you thought the bond bubble was being saved for another day…
The government managed to auction $39 billion worth of 5-year debt yesterday… barely. Wednesday’s debt sale drew a bid-to-cover ratio of 1.92, the lowest investor demand since September 2008. Low demand forced Uncle Sam to jack up interest rates at the last minute in two separate bond auctions this week — yesterday’s sale and Tuesday’s $42 billion auction of 2-year notes.
So what’s an indebted government to do? Manipulate the market, of course. Bond yields have given back yesterday’s spike partly thanks to the Federal Reserve, which bought $3
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