Investors are piling into ultrashort-term Treasury bills to avoid getting caught up in the debt-ceiling drama.
Surging demand has driven one-month T-bill prices higher, sending the yield down to 3.313% from 4.675% at the end of March. Bills maturing in three months yield 5.105%—a record incentive for lending to the government for a couple months more, according to Tradeweb data going back to 2001.
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