It's a weird sort of thing when you change perspectives. From the one side, Jay Powell's biggest enemy right now is, of all things, T-bills. You wouldn't normally think of the most boring of instruments in that way. Maybe such an idea would never otherwise occur. These are the safest of securities, highly liquid and prized to the point that they are conceived as money alternatives. Just the sort of thing any central banker would count on.
This week and last, bill yields have plummeted. Plummeted. On May 22, the equivalent interest for the 52-week was 2.37%. As of this writing, it is 2.03%. The shortest tenor, the 4-week bill, it had a rate of 2.44% on May 7 and 2.40% as recently as May 16. Right now, it's less than 2.28%.
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