For a whole year since March 2009, PPT came out quickly acting as pumper
of the last resort to save the day whenever there's sell off. So why did
they stay on the sideline on this massive sell-off?
Two words: bond market. PPT had to stay out to save the bond market.
The images below explain it all: There was a quiet but mind-boggling run
on the bond market. Treasury department redeemed 640B payment in April
alone and then another 144B just the first 4 days of May.
Should they not attract some bu
