In my weekend article, I estimated a yield of 3.60% – 3.75% for the upcoming 6-month T-Bills auction. The auction results are out at 3.65% cut off yield, in the middle of my projected range. Unfortunately, this continues the trend of declining T-Bills yields, as you can see from the chart below. This is the second lowest yield we have seen in all of 2024 – the lowest being 3.54% in Feb 2024. Let’s dive into the numbers. 6-month T-Bills yields drop to 3.65% (23 May 2024 Auction Results) The cut-off yield for the latest T-Bills auction is set out below. This round of 6-month T-Bills are issued at 3.65% yield (which is a drop from 3.70% the previous auction). T-Bills yields since late 2022 are charted in graph form below. You can see how T-Bills yields have generally stabilised around the 3.7 – 3.8% range for 6 auctions in a row. However, in the most recent auction T-Bills yields have dropped out of that range to 3.65%....