Tbill rates in sharp drop

Interest rates are falling with the Treasury rates falling sharply in the latest auction last week.
Rates fell by 53 basis points for the 182 days Treasury bills, the most since June 2014 when it fell by 57 basis points.
The average rate fell to 5.45 percent, the lowest level since 2012 and broke decisively, the resistance level at just under 6 percent and seems set to reach just around 4 percent before too long. Investors pumped $2.63 billion into the auction for the $600 million on offer. At the same time $3 billion chased $600 million offered for 91 days, with the average rate falling to 4.985 percent from 5.49 percent in August. The decline for the 91 days instrument, is the third fall since the rate rose modestly in June, to 5.77 percent and the sixth monthly decline for 2017. The fall in the rates better aligns them with the central bank’s new overnight reference rate.