The April 29th Treasury auction produced some very European/Japanese-like results. As in a 0% 4W high yield rate.
And thanks to Green Man (Fed Chair Jay Powell), the Fed’s System Open Market Account Holdings of Treasury Bills soared in 2019/2020 helping to drive the 4W yield to 0%.
The 0% 4W yield rate is very Japanese-like. Except in Japan, Treasury yields are negative at tenors of less than 10 years.
Europe has 20 nations with 2-year Treasury yields of less than 0%.
The US 3-month Treasury is being auctioned on Monday.