T-Bills yields plunge to 3.85% – Demand went up a lot? Still a better buy than Fixed Deposits though (20 July 2023 Auction Results)
By Financial Horse  •  July 20, 2023
Auction results for the latest round of T-Bills are out! And sadly, they are tracking the downtrend in US interest rates. Cut-off yields close at 3.85% (as compared to 3.99% the previous round). Look under the surface though, and you’ll find that the T-Bills application amounts jumped drastically. So a meaningful part of this drop in yields can probably be attributed to higher demand from investors. Auction: BS23114A 6-Month T-bill Auction Results – 3.85% Cut-off yield Cut-off yield for the 20 July T-Bills auction below. Yields have come down to 3.85%, vs 3.99% for the previous auction. This is charted in graph form below. Viewed this way, it looks like the previous 3.99% auction might be the exception rather than the norm. Latest 3.85% cut-off yield is very much in line with the range since March 2023, if you exclude the 6 July auction....
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By Financial Horse
Financial Horse was founded with a simple goal – To provide high quality financial commentary, in plain English. He is a firm believer in Einstein’s quote that “If you can’t explain it to six-year-old, you don’t understand it yourself.” Too much of finance is shrouded in complex jargon, and Financial Horse aims to demystify financial investments.

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