Traders piled into the 1-month Treasury bill on growing concerns about a debt-ceiling standoff Thursday, sending the bill’s rate briefly plummeting by more than half of a percentage point.The 1-month rate BX:TMUBMUSD01M touched an intraday low of 3.215%, down as much as 53.4 basis points from Wednesday’s closing level of 3.749%, according to Tradeweb. Its decline was subsequently pared to 21 basis points, leaving the rate at 3.539% as of 3 p.m. New York time, which is the lowest level since mid-December. The moves came amid growing concerns that “the debt-ceiling crisis has been elevated,” according to Tom di Galoma,…
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