In a vote on Thursday evening, the Senate approved a measure to suspend the nation’s debt limit through January 1, 2025. President Joe Biden is expected to swiftly sign the bill into law to avert the United States’ first-ever default on its debt. Since the debt ceiling was breached in mid-January, the Treasury Department has not been able to borrow more money.
In addition to Friday’s auction, a Thursday auction saw $25 billion of three-day cash management bills yielding 6.15%. That exceeds the yields at which almost all other Treasury bills are trading, underscoring the premium investors are demanding to buy the government’s debt. The Treasury is tentatively issuing an additional $123 billion in longer-term bills on June 8.
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