DoubleLine Podcasts

MMM Episode 31: Aug. 30-Sep. 3 Market Recap, Treasury Auctions Explained

After reviewing macro and markets for the week, Jeff Mayberry and Samuel Lau turn to MMM’s Question of the Week and delve into the workings of U.S. Treasury securities auctions (17:28). These connect the U.S. government with buyers of Uncle Sam’s bonds, notes and TIPS. The co-hosts explain how individuals as well as institutions participate in these auctions, how ultimate security prices and yields are set and how to measure an auction’s “success” or “failure.”

Data prints on both the Federal Housing Finance Agency and Case-Shiller house price indices showed U.S. house price appreciation remained hot (7:16), signifying, as Sam Lau notes, “pain for buyers and bliss for sellers.” With demand for manufactured product outstripping supply, Jeff Mayberry sees in the latest ISM readings signs of continued strength in the manufacturing sector (8:44). A big miss in nonfarm payrolls (11:43) has the co-hosts discussing whether the Federal Reserve will push back taper talk to later in the year.

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