Well, it's not quite the negative Bill prints we saw right after Lehman, but the second someone lifts that offer in the 1 Month, Americans will revert to paying the Treasury for the privilege of it holding 1 Month paper. Of course, the last time the 1M was on the verge of being negative, the S&P was at 666. We are now double that. What happens should stocks plummet by 50%, without the Fed withdrawing the massive amounts of liquidity still sloshing out there: -0.5%? -1.0%?
1 Month Bill Offered At -0.005%; 3 Month At 0.000%
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