Investors and dealers are bracing themselves for greater volatility around the sales of US Treasuries following a marked increase this week in direct buying of debt from the Federal Reserve, bypassing the big Wall Street banks that underwrite bond issuance.
The rise has sparked talk that a large investor or several institutions are seeking to buy a large position in US Treasuries.
So-called “direct bids” are normally fairly low as most investors place their orders with primary dealers before an auction. This enables dealers to build up a book of orders from customers and, together with the dealer's own bids, they are submitted just before the auction sale deadline.
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