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30-day bill rates spike amid default worry

  • One-month Treasury bill rates spike higher as they'll be maturing just after the U.S. bumps up against its debt ceiling. Beginning the day at about 3 basis points, the yield jumped to 12 bps at an auction of $35B in paper this afternoon. Not showing up were money-market funds - typical buyers of these securities, but not allowed to partake if there's a chance they won't get paid.
  • The yield has calmed down to 7.4 bps, but that still remains far higher than the 1.8 basis points on three-month bills.
  • Relevant ETFs: SHY, SHV, IEI, BIL, TUZ, FIVZ, DTUL, VGSH, DTUS, DFVS, DFVL, SST, ISTB, TBZ.
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