The plan is working beautifully for them. Big demand for the auction at 1:00 PM today. Even though it is criminal, you have to be in awe how they can pull this off each month without the main street press catching wind of it. I know the financial press, are a few bricks shy of a load, but you would think at least one would stumble across the corruption at some point.

stateside

Treasuries Extend Gains After $44 Billion 2-Year Note Auction

Oct. 27 (Bloomberg) --Treasuries extended gains after the U.S. sold a record $44 billion in two-year notes, the second of four government debt auctions this week totaling $123 billion.

The notes drew a yield of 1.02 percent, compared with a forecast of 1.051 percent in a Bloomberg News survey of nine of the Federal Reserve’s primary dealers. The bid-to-cover ratio, which gauges demand by comparing total bids with the amount of securities offered, was 3.63, compared with an average of 2.77 for the past 10 sales. Government securities gained earlier as confidence among U.S. consumers unexpectedly fell in October for a second month.

“Even with such a large two-year auction, the two-year has value because of today’s economic data and because the front end of the curve is so steep,” said Alex Li, an interest-rate strategist in New York at Credit Suisse AG, one of the 18 primary dealers required to bid at Treasury sales, before the auction.

The current two-year note yield fell six basis points to 0.96 percent at 1:03 p.m. in New York, according to BGCantor Market Data. The 10-year note yield fell six basis points to 3.49 percent

Indirect bidders, the category of investors that includes foreign central banks, purchased 44.5 percent of the notes, versus an average of 42.6 percent for the past 10 sales.