The Treasury announced its auction schedule for next week and once again it will be dumping another humongous load of fresh supply on the market. The pressure on stocks and non government bonds is certain to continue as the Treasury crowding out continues week in and week out. The passage of the bailout bill, if it happens, will be a disaster, adding even more Treasury supply to a market which can’t cope with it. This is something that policy makers either fail to understand, or are ignoring.

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