21-day UST cash management bill (CMB) clears at 6.20%.

by DesmondMilesDant

Sick of seeing news saying “the market doesn’t care about the U.S. default risk.”

The stock market is not the market, it’s a casino. The real market–the bond market–is pretty worried. The fact that we have yields a full 1% above the RRP on a 21-day instrument is wild.