What a week! Over the past week or so, we’ve seen: 3 US Banks fail. The Feds rush in to bail out depositors at 2 US banks. The market price in interest rate cuts as early as June 2023. And last night, we had a potential run on a Global Systemically Important Bank in Credit Suisse. That resulted in the Swiss Central Bank coming in to provide a liquidity line. So to say that we’ve had an eventful week is probably a bit of an understatement. T-Bills Auction the most closely watched in a while – Due to the global flight to safety This made the 16 March 2023 T-Bills auction one of the most closely watched auctions in a while, to get a better sensing of market sentiment. And boy… it did not disappoint. Because interest rates plunged from 3.98% the previous auction – to a disappointing 3.65% this auction. Which btw – is a lesson to never submit non-competitive bids for T-Bills....