So the latest T-Bills auction results (2 Feb 2023) are out. And interest rates on the 6 month T-Bills continue their downtrend to 3.88% (vs 4.00% the previous auction).    

2 February 2023 T-Bills Auction Results – 3.88% cut-off yield

Cut-off yield is 3.88% – meaning that everyone will get T-Bills at 3.88% regardless of whether you applied for a competitive or non-competitive bid (as long as you are allotted). Full allotment for non-competitive applications again. What this means practically is that: If you applied non-competitive, you get 100% allotment of whatever amount you applied for (at 3.88%). If you applied competitive below 3.88%, you get 100% allotment (at 3.88% yield). If you applied competitive at 3.88%, you get 71% allotment. If you applied competitive above 3.88%, you get nothing. Statistics wise – the median yield went down to 3.77% (vs...