MACRO VIEW: 3-MONTH T-BILL YIELD ON THE MOVE UP
Since mid-July the 3-Month T-bill yield has been trending upwards on quarterly basis (broke out from the 1st standard deviation from 66-day mean amid expanding volatility)
The yield is a choppy instrument, however current uptrend (if it holds) may actually signal Federal Reserve rate hike expectations by institutional market participants.
3-Month T-bill is closely correlated to the Effective Fed Funds Rate - and thus will move upwards significantly if there is truly a move in the Fed's key target rate.
The yield is a choppy instrument, however current uptrend (if it holds) may actually signal Federal Reserve rate hike expectations by institutional market participants.
3-Month T-bill is closely correlated to the Effective Fed Funds Rate - and thus will move upwards significantly if there is truly a move in the Fed's key target rate.
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