The Treasury Department May Have Bitten Off More Than It Can Chew
In his podcast addressing the markets today, Louis Navellier offered the following commentary. Spooky TreasuriesFinancial markets were spooked that the Treasury Department now wants to auction $1 trillion in Treasury securities this quarter, up from $733 billion that was anticipated. In other words, the Treasury Department may have bitten off more than it can chew, but that will be ultimately determined by the bid to cover ratios at the actual Treasury auctions. Fitch Ratings on Tuesday cut its AAA rating on U.S. Treasury debt to AA+ due to worsening financial conditions and governance. Specif...