Latest T-Bills auction results are out! And unfortunately, the T-Bills yields look to be tracking US interest rates and going down. In my weekend article I estimated fair value of 4.1% – 4.2% for the T-Bills (give or take 0.1% either way). Final cut off yield came in at 4.00%, definitely on the lower end of the range here.    

18 January 2023 T-Bills Auction Results – 4.00% cut-off yield

Diving into the numbers. Cut-off yield is 4.00%. This means that everyone will get T-Bills at 4.00% regardless of whether you applied for a competitive or non-competitive bid.

Allotment Results for 18 January 2023 T-Bills – Full Allotment for non-competitive bids

Just like the 5 January 2023 T-Bills, you’re looking at full allotment for non-competitive applications again. Practically speaking, this...