The Four Pillars of Macro with Andy Constan
Excess Returns
00:00
Is a Treasury Auction an a or an S?
A Treasury auction can have an impact on broad asset classes for a couple of hours. Foreign demand for Treasury is important, as we've seen China has been reducing its Treasury holdings. The secondary market trading following the auction adds up to a grade. And why do I grade them? Well, a really bad auction, we're a really, really good auction, an A plus or a D minus. We've never failed.
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