The whole situation boils down to this: because a nonperforming bond is worth less than 100% of its face value, the Brady bond replaces the defunct debt as a new asset.

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The US government then attempted to pay this last bond at a fraction of the face value and not in gold but paper.

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Its benchmark government bond trades at 57% of its face value, suggesting that private investors fear losses if and when a new deal is brokered.

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Others including Bullard and Lockhart seem happier to take improving data at face value and feel the FOMC should address the need to see out the remainder of its bond purchase plan.

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