As long as auctions maintain a BTC ratio over 1.0 with short tails, the appetite is effectively insatiable, especially at the enormous rate of issuance over the last few years.
"For the duration of QE2, the Fed has been buying 70% of all new Treasury-bond issuance, and foreigners have been buying the other 30%. When the Fed stops buying, who will step in to replace it? After all, with a $1.5 trillion budget deficit, there’s a lot of new supply coming." -- Felix Salmon, Reuters
