While the Treasury supply is a big growth number, it doesn’t overwhelm basic rate fundamentals and what’s going on in both the domestic and global economy.

The $3 billion size should keep it comfortably within an already crowded 5-year sector. Speculation that Fannie would choose a 3-year may have been thwarted by the glut of 3-year sovereigns this week.

You?d be surprised what kind of marketplace there is for gently used equipment.

I think the potential to squeeze the market is very, very real, regardless of whether it comes from direct bidding or elsewhere.

It’s a mildly positive report, even though a long list of major accounting errors is never good.