Treasury Bills Climb as Traders Bet Congress Will Pass Debt Deal
- Yields on bills maturing in June fall back in Asia trading
- Longer-dated Treasuries also rally as investors parse deal
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Treasury bills maturing in the first half of June rallied as trading resumed following the Memorial Day holiday, after a deal to lift the debt ceiling eased concern over the prospect of a calamitous US default.
Yields on securities payable in early June — seen as most at-risk because Treasury Secretary Janet Yellen has said the government will exhaust its cash as soon as June 5 — resumed their drop on Tuesday, and others due in the first half of the month followed suit. Bills due June 6 yielded 5.2%, down from about 7% at one point last week.