| 30-Year T-Bonds (CBOT): (High: Nov-Dec//Low:
Apr-May) Prices decline (and interest rates firm) during first quarter,
perhaps as market anticipates tightening liquidity with massive shift of
financial resources from private to public sector in form of tax payments.
By FND for June contract, FED may begin recirculating funds, fueling rally
through remainder of tax year. Taxes due Apr 15; US fiscal year begins
October 1. |
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