"You still could easily see rates go back up at future auctions if, politically, things look less stable than they are now."

For the direct sales, the Administrator will use allowances from future auctions.

The proceeds from those future auctions, estimated now at $6 billion, are already being counted in Federal budget projections.

But he was confident that there would be even better buys at future auctions in Manhattan.

The unsold apartments might be offered again at a future auction at a lower price.

That will save the Government interest payments in the short term and insures more demand in future auctions.

"The bad memories will be carried over to future auctions," one predicted, resulting in more cautious bidding.

A Treasury spokesman said that while he was aware of the market talk, no decision had been made on future 10-year auctions.

No date is set for these future auctions.

The Treasury says that as a result of the squeeze, some dealers lost money, and it has expressed concern about future auctions.