In my weekend article, I estimated a yield of 3.65% – 3.80% for the upcoming 6-month T-Bills auction. The auction results are out at 3.74% cut off yield, right smack in the middle of my protected range. These are actually pretty strong results (for investors looking for yield). Because the demand for T-Bills jumped quite noticeably in this auction, and auction supply fell quite a bit – and yet yields stabilised around the 3.7% – 3.8% range. Let’s dive into the numbers. 6-month T-Bills yields stabilise at 3.74% (20 June 2024 Auction Results) The cut-off yield for the latest T-Bills auction is set out below. This round of 6-month T-Bills is issued at 3.74% yield (which is only down slightly from the 3.76% we saw in the previous auction). T-Bills yields since Jan 2023 are charted in graph form below. You can see how with the past 2 auctions, T-Bills have gone back into the 3.7 – 3.8% range. This makes the T-Bills auction in late May where yields fell to 3.65% look like an outlier (for now)...