Indirect *Bill* Bidders Aren’t Who You Think, Helping Explain the Anti-Reflation Behind Reverse Repo
June 22, 2021 at 05:16 AM EDT
Following yesterday morning’s Treasury bill auctions, each of the last three for the three shortest maturities (4-week, 8-week, 13-week) have each priced to yield less than the new reverse repo “floor” rate set by the Federal Reserve last Thursday.
