Commentary: Fear Not For The T Bill
Whither the withering Treasury market? With the prospect of federal budget surpluses stretching on as far as the eye can see, market mavens fret that Washington could actually pay off the national debt in the next decade, buying out all the current holders of Treasury bonds, notes, and bills. That scares the pros, because Treasuries provide a benchmark for all other investments. Even the Federal Reserve is worried: It has ordered up a study, due in January, on how it will operate in a thin-to-nonexistent Treasury market.
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