The one-month T-bill rate dropped almost 30 basis points to below 3.95% after Tuesday’s $12 billion 20-year bond auction, which was described as “fair” by BMO Capital Market’s Ben Jeffery. The 2-month T-bill rate also fell 10 basis points to 4.38%, though rates further out the Treasury curve remained higher on the day. Tuesday’s sale was the first term auction to take place since the “meltdowns” in the banking sector this month, and the auction went well, according to Jim Vogel of FHN Financial.
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