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In summary, together with yesterday’s mediocre 3Y auction, the week is not starting off well for the torrential supply of US Treasury paper, which is rather strange as there should be significant demand for safe paper on a day like today when speculation about World War III is rampant. If the last two auctions are any indication, funding the US $1 trillion deficit may prove to be far more difficult than many speculate, unless of course, the Fed does not step in and resume monetizing the debt via QE4.