Daily Market Notes
We Subtracted 22 Billion Dollars. It Is Published — and So Is a December Number Fifteen Points Above Ours.
We put 22 billion dollars in print four days ago as our own subtraction from a 119-billion-dollar three-day total, with today as the deadline to source it or drop it. Two publishers give today's 17:00 thirty-year reopening as 22 billion dollars. The Treasury's own schedule publishes the reopening flag that determines the size and states that it carries no amounts. September's reopening stopped through the when-issued by 2.7 basis points with primary dealers taking 2.2 per cent against an 11.5 per cent average. And Governor Waller, in Istanbul this morning, put at-least-one-hike-by-December at about 85 per cent against the 70 in our file.