IRX (13-week treasury bill index) failed to hold above relevant highs of 0.07% and reverted back to hear-zero levels. Due to its correlation to Effective Fed Funds rate, IRX will serve as an expectations indicator of upcoming federal reserve rate hike Most likely reason of the lack of expectations regarding the rate hike in September is another leg of downtrend...
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...