In normal circumstances, America’s Treasury bill market seems dull as ditchwater. This corner of government finance, after all, is supposed to be ultra safe; it is where stodgy asset managers park their cash.
But these days, little seems entirely “normal” in the markets — at least not with Donald Trump in the White House. Earlier this week, the yield on four-week Treasury bills suddenly spiralled towards 1.3 per cent, a dramatic move not seen since 2008.
This was sparked by fears that the Trump administration might fail to extend the American $19.8tn debt ceiling, potentially causing the US Treasury to run out of cash by early October.
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