Inside the US Treasury Market

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Overview

A comprehensive and practical guide to the United States Treasury bond market, this timely book offers a detailed introduction to the workings of the largest government debt market in the world and the investment opportunities it provides.

Wann begins by outlining the history and development of the market, explaining how it operates and examining the parts played by dealers, investors, and the U.S. government authorities. The U.S. Treasury market is compared with the UK gilts market and its economic and political background is analyzed. He goes on to provide an introduction to investment theory and analytical methods, including yield and return calculations, and looks at futures and options contracts on treasury bonds. The book concludes with a consideration of more advanced investment theory and investment strategies. The appendices include bond-equivalent yield calculations, formal mathematical proofs, statistical data on U.S. government finances since 1789, and a comprehensive glossary. Written by the Senior Economist in the London office of a major U.S. investment house, Inside the U.S. Treasury Market is an authoritative and important book. It will be particularly useful for fund managers, investment analysts, brokers, bankers, and corporate treasurers.

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Product Details

  • ISBN-13: 9780899304922
  • Publisher: ABC-CLIO, Incorporated
  • Publication date: 7/31/1989
  • Pages: 346
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.94 (d)

Meet the Author

PETER WANN is a First Vice President of Paine Webber International (UK) Ltd., and leads their London economics team, which covers both macroeconomics and specialized investment studies.

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Table of Contents

Preface

The Market and How It Operates

History and Development

Principal Characteristics of the U.S. Treasury Market

U.S. and UK Treasury Markets Compared

Basic Determinants of Treasury Bond Interest Rates

Fed Management of the Market

Dealers and Traders

Investors

New Issues

Settlement

The Economic Background

Fundamental Analysis: The Economic Cycle

Interpreting Economic Data as They Appear

Fed Open-Market Operations

Fed Watching

Budget Watching

The U.S. Budget Process

Analytical Needs

The Mathematics of Fixed-Interest Markets

Yield and Return Calculations

Duration

Introduction to Yield Curves

Further Analysis of Yield Curves

Appendixes

Index

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