T-bills chased in September, push down rate

The amount of funds trying to find a home over the next 6 months, jumped sharply to $1,050,907,900 that chased, the $400 million 182 days Treasury bills offered for September, compared to $745,290,300 in August.
Investors are clearly seeing a continuing trend of lower rates into the future, and moved their focus to the longer end of the Treasury bill spectrum and less so on the shorter term ones. The offer of 182 days duration, matures on March 20 next year, will generate an average interest rate yield of 7.99887 percent, down from 8.11578 percent in August, 8.21982 percent at the July’s auction and 8.36502 percent for the June issue, of the same duration. At the May Treasury bill auction, the rate came out at 8.932 percent.
The Treasury bill for the period Friday, September 19, maturing on Friday, December 19 this year, for the duration of 91 days, attracted bids of $641,904,600 (August $639,068,500 and July $732,981,900) for the $400,000,000 on offer. The average yield came out at 7.46952 percent, slightly up on the 7.46767 percent average rate out turn in August. The rate for the June issue was 7.65893 percent and 8.2 percent in May, for the Treasury bill of same duration.