Now this is interesting. Something seems to be missing from the second (happy) version of this story about mankind's continuing appetite for US treasury debt.

results of Google News search using Goncalves quote

"30-Year Treasuries Fall Most Since '04 as Demand Fades at Sale", by Sandra Hernandez and Deborah Finestone, Bloomberg, February 7, 2008.

``This is a massive boycott,'' said George Goncalves, chief Treasury and agency debt strategist in New York at Morgan Stanley, one of the 20 primary government securities dealers that are required to bid at Treasury auctions. "We got a message that enough's enough."

"Treasuries Rise as Likelihood of Recession Spurs Debt Demand", by Agnes Lovasz and Wes Goodman, Bloomberg, February 8, 2008.

"The Fed commentary has been supportive," said Marius Daheim, a senior bond strategist at Bayerische Landesbank in Munich. "We're expecting further cuts toward 2 percent but yields at these levels should sufficiently factor in those cuts."

What's fascinating is that a Google News search using part of the Goncalves quote picks up both stories (see screen-capture above). Did Bloomberg's editors spike the negativity from the second story on the fly post-release?

Meanwhile, back in Europe, Ambrose sees similar bond pain in Spain (sorry about the rhyme) ...

"Concerns over Spanish government's housing rescue plan", by Ambrose Evans-Pritchard, Telegraph, February 8, 2008.

and the UK.

"Bond market fears as UK debt soars", by Ambrose Evans-Pritchard, Telegraph, February 8, 2008.