T-Bills yields have been on a roller-coaster ride recently. From as high as 4.07% in September 2023. T-Bills yields then dropped as low as 3.54% in early Feb. Since then – T-Bills yields have been marching up. From 3.66% the previous auction, up to 3.80% this auction. What’s driving the rise in T-Bills yields? 6-month T-Bills yields jump to 3.80% (29 Feb 2024 Auction Results) I’ve extracted the cut-off yield for the latest T-Bills auction below. This round of 6-month T-Bills are issued at 3.80% yield (a fairly big jump from 3.66% the previous auction). I’ve charted this in graph form below. T-Bills yields are well off the Feb lows, and comfortably back into the 2023 range. Demand for T-Bills drops to $12.4 billion (from $13.5 billion the last auction) Demand for T-Bills drops to $12.4 billion. This is down 10.1% from the previous auction ($13.5 billion), and quite a significant drop. Charted below, you can see how T-Bills demand is coming well off the 2024 highs....