For all the concerns about whether the market would be able to take up the supply, investors faced with uncertainty over the economy and the Federal Reserve’s policy path have piled into short-term debt, earning more than 5% yield to mop up the issuance.
“Supply seems to have been digested in orderly fashion as far as I can tell,” said Zachary Griffiths, senior fixed-income strategist at CreditSights. “We had been saying that the huge wave of bill supply wasn’t going to be a big issue for the market broadly because there is so much cash in the front end ready to be deployed if yields rose much more than ON RRP.”
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