Treasury auction sees U.S. join 0% club


By Patrick McGee
Financial Times, London
Tuesday, October 6, 2015

For the first time ever, investors on Monday parked cash for three months at the US Treasury in return for a yield of 0 percent.

The $21 billion sale of zero-yielding three-month Treasury bills brings the US closer into line with other developed economies, whose central banks have set overnight borrowing rates at negative levels.

The lowest bid permitted for a US bill auction is 0 percent but ahead of the sale, four-week and three-month bills have been trading at negative yields in the secondary market. This reflects a sharp decline in Treasury bill issuance in recent months as the US political system faces another tussle over raising the country's debt ceiling.

In trading on Tuesday, the four-week bill was quoted at minus 3 basis points and the three-month bill was at minus 1 basis point. ...

... For the remainder of the report:


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