“Investors” are so desperate to hold on to short-term paper that they paid $100 for a 3-month Treasury-bill at today’s auction. That is a 0% yield – for the first time ever – lower even than the auction right after Lehman’s bankruptcy in Nov 2008.

20151005_tbill_0

It is probably safe to say that NIRP (Negative Interest Rate Policy) is next, followed by more negative yields further to the right of the curve, as the US gradually becomes Europe.

But don’t worry: as Yellen admitted during her healthcare-scare speech, “nominal interest rates cannot go much below zero“, just a little.


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