Post by yogibearbull on Sept 20, 2023 1:08:37 GMT
While 2Y, 5Y, 10Y yields continue to rise, 3M yields have flattened.
stockcharts.com/h-sc/ui?s=$IRX&p=D&b=5&g=0&id=p27637493828
In fact, last three 3M T-Bill Auctions (9/5/23, 9/11/123, 9/18/23) were at the SAME discounted price of 98.656486 (matching 6 decimal digits!). I have seen same prices for 2 Auctions, but for three Auctions? Stockcharts for 3M yields shows flattening but not to this extent.
I watch 2-yr FRN index and it hasn't moved since 9/6/23 (good to 9/25/23) and is STUCK at 5.387380201 (that is 9 decimal digits!). It is supposed to adjust weekly based on 3M Auctions, so I looked at recent 3M Auctions.
Another observation for FIDO: In a cash-account (without margin), Fidelity didn't allow purchase for 3M T-Bill Auction on Monday when a 3M T-Bill was also maturing on the following Thursday; in theory, both could settle normally on Thursday. I didn't call Fido. In hindsight, all my Treasury purchases had been in accounts with margin (or with sufficient funds in the core account), and then this hasn't been an issue.
stockcharts.com/h-sc/ui?s=$IRX&p=D&b=5&g=0&id=p27637493828
In fact, last three 3M T-Bill Auctions (9/5/23, 9/11/123, 9/18/23) were at the SAME discounted price of 98.656486 (matching 6 decimal digits!). I have seen same prices for 2 Auctions, but for three Auctions? Stockcharts for 3M yields shows flattening but not to this extent.
I watch 2-yr FRN index and it hasn't moved since 9/6/23 (good to 9/25/23) and is STUCK at 5.387380201 (that is 9 decimal digits!). It is supposed to adjust weekly based on 3M Auctions, so I looked at recent 3M Auctions.
Another observation for FIDO: In a cash-account (without margin), Fidelity didn't allow purchase for 3M T-Bill Auction on Monday when a 3M T-Bill was also maturing on the following Thursday; in theory, both could settle normally on Thursday. I didn't call Fido. In hindsight, all my Treasury purchases had been in accounts with margin (or with sufficient funds in the core account), and then this hasn't been an issue.