Following up from yesterday’s 35-day Cash Management Bill auction (which went at 11.70%), today’s 34-day CMB auction was cut off at 11.94%.
This is effectively telling you that short term rates are now around 12%. We’re seeing commercial paper already trade above 12%, and many bank CDs are going at 11.5% to 12% now.
It will still take a couple weeks for this to mean higher deposit and lending rates.
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