T-Bills Not So Quiet

Lord I've got to say
It's no disgrace
I'm in no hurry
--Quiet Riot

Following up on the previous post, we should note that although the long end of the Treasury curve has been quiet, the short end has been, um, less so. New T-bill auctions have not been well-bought, and yields on 3 month bills have lifted north of 0.3%.

While certainly not huge on an absolute basis, these yields are more than 10x higher than they were on new auctions held just a couple months back. Plus, they constitute levels last seen during the 2008 melt-down.

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