Chapter 2. Market Conditions and Sentiment


“Water shapes its course according to the nature of the ground over which it flows; the soldier works out his victory in relation to the foe whom he is facing. Therefore, just as water retains no constant shape, so in warfare there are no constant conditions.”

 --Sun Tzu[1]

Treasury Announcement Discontinuing Issuance of 30-Year Bonds

At approximately 9:50 A.M. on Wednesday, October 31, 2001, the U.S. Treasury announced that the 30-year Treasury (or long) bond would no longer be issued. The immediate reaction of Treasury bond prices did not reflect the significance of the announcement, in large part, because the announcement came from the inadvertent and premature posting of the text of then Treasury Undersecretary ...

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