What happened? We’ve been getting many questions from the Beansprout community on what is a good bidding strategy for the upcoming 6-month T-bill auction on 24 November (BS22123S). After all, the cut-off yield on the 6-month T-bill fell to 4.0% p.a. in the last auction on 10 November, and many were not able to get their desired allocation through a non-competitive bid. We’ll take a few datapoints to see if they can provide some indication on what the cut-off yield in the upcoming auction could be. Will the yield on the 6-month T-bill fall below 4.0% p.a? #1 – Global bond yields Since the last auction on 10 November, there have not been many significant changes to global interest rates.  We saw an initial fall in bond yields after the US Consumer Price Index (CPI) data came in weaker than expected. However, bond yields have gone up again after Fed officials mentioned that it might be too early to pause on interest rate hikes....