In my weekend article, I anticipated a further drop in T-Bills yields due to high demand and market expectations on interest rate cuts. My target yield range was 3.60 – 3.75%. The final auction results are out at 3.64% cut off yield. While this is within my projected range, it is definitely lower than the previous auction (3.70%) – and continues a downtrend for the past 4 T-Bills auctions. Let’s take a closer look at auction data. 6-month T-Bills yields drop to 3.64% (18 July 2024 Auction Results) (BS24114V 6-Month T-bill) The cut-off yield for the latest T-Bills auction is set out below. This round of 6-month T-Bills is issued at 3.64% yield. This is down from the 3.70% cut-off yield at the previous auction. I have charted the T-Bills cut-off yields since Jan 2023 below. You can see how after the rebound to 3.76% 4 auctions ago. T-Bills yields have been on a clear downtrend for the last 4 auctions. Current yields of 3.64% is close to the lowest it has been in all of 2024...