Possible Overstatement of Indirect Bidders In Treasury Auctions
Caution about the numbers for Indirect Bidders in Treasury Auctions:
The Treasury Department apparently made a change in early June in the way how they compute indirect bids. No one seems to have a definite answer as to what changed, but Indirect Bidder percentage in Treasury Auctions in June has been significantly higher in most cases, prompting the speculation by the traders of manipulation or massaging of the numbers so that the market sees high indirect bids (considered to be the proxy for foreign interest in Treasuries).
Here's an article from Reuters regarding the issue:
US Treasury auction changes may overstate indirect bid (6/24/09 Reuters)
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