What fun to fed watch today:
Most recent auction results:
13-Week 26-Week
Applications $24,789,211,000 $22,724,634,000
Accepted bids $8,007,423,000 $8,020,864,000
Accepted at low price 80% 1%
Accepted noncompet'ly $1,216,137,000 $1,154,231,000
Average price (Rate) 98.880 (4.430%) 97.748 (4.455%)
High price (Rate) 98.890 (4.390%) 97.781 (4.390%)
Low price (Rate) 98.875 (4.450%) 97.735 (4.480%)
Coupon equivalent 4.543% 4.620%
Cusip number 912795AW1 912795BV2
Hmm,
the spread between fed funds and 90 day rate on last 13 week bill auction
ff - r90 = 5.625 - 4.543 = 1.082
Nancy
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