Today’s 3-month Treasury auction revealed an even lower 3M high yield rate than the previous auction. The 3M high yield was 0.015%.
The ultra-low yield comes after The Fed increased their Treasury bill holdings in late 2019 and early 2020. And Powell’s dismissal of any slowdown of Fed monetary easing.
On a different note, nonresidential construction spending fell in March by -1.1% while residential construction spending rose 1.7% from February.
Printing a ton of money helped residential construction spending.
Gold, silver, Ethereum rise as Fed’s Powell signals resistance to slowing monetary easing.
Powell is Green Man! Printing up the greenbacks.