Dropping interest rates

Last week Wednesday Bank of Jamaica offered just $7 billion in CDs to the money market that was gobbled up with more than $32 billion from 247 bids chasing it, only 51 bids were successful.
The issue resulted in rates falling to their lowest levels on 28 CDs since August 2, 2023, with an average of 9 percent, down from the previous week with an average yield for successful bids clearing at 9.34% in the auction of CDs held on July 31. The rate is down from 9.54 percent on July 24 when $50 billion was offered to the public and ended with $132 billion in outstanding 28 day CDs.
At the auction on July 31, $31 billion was offered and was chased by 404 bids amounting to $45.47 billion, resulting in $126 billion outstanding in 28 days CDS.
This week’s auction offers $33 billion which is lower than the $36 billion that matures plus interest due on the CDs that matures this week and seems set to result in a further rate reduction.