: Yields on Treasury bills maturing in early June drop more than a full percentage point since Wednesday on debt-ceiling hopes


Growing optimism that a debt-ceiling deal can be reached has led to a dramatic plunge in the rates of Treasury bills maturing between June 1-8. The yield on the 3-month bill issued on March 2 and maturing on June 1 was 5.586% as of 11 a.m. Eastern time Friday, down 166.8 basis points from Wednesday’s closing level of 7.254%, according to Tradeweb. The rate on the 1-month T-bill, issued on May 9 and maturing on June 6, was at 5.649%, down 139.2 basis points from 7.041% two days ago. And the yield on the 3-month bill issued March 9 and maturing on June 8 was at 6.076%, down 123.1 basis points from 7.307% on Wednesday. President Joe Biden’s team and House Speaker Kevin McCarthy’s deputies were said to be nearing a deal that would raise the U.S. debt ceiling and avoid a market-shaking default, though getting it through Congress quickly may be tricky. All three major U.S. stock indexes, along with most Treasury yields, were higher in late morning trading.

This article was originally published by Marketwatch.com. Read the original article here.

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