The US treasury conducted its first post-downgrade auction of Treasuries on Tuesday and, guess what, it’s a record breaker.Let's remember, the downgrade is not the same as a default. That would have been horrific. The downgrade by the hacks at S&P is a mere annoyance. If anything, it will result in their further slide into irrelevancy.
Three-year yields were sold at a record low yield of 0.5 per cent, which means the US could easily be confused for a AAA sovereign.
Tuesday, August 9, 2011
The Market has Spoken: Nobody Cares about S&P Downgrade
Stoddard & Poops? Slandered & Pimped? Who gives a fuck about S&P anyway... The Financial Times: