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Spike in One Month T-Bils All Caused By Congress

Wall Street and investors are increasingly getting nervous about Washington’s ability to raise the debt ceiling. As the chart below indicates, the yield on the one month Treasury bills has risen to the highest levels since the Lehman debacle. At the auction today, the one month Treasury bill yielded 0.35 percent. The bills are above the one-month labor rates, this is the first time it has occurred in 12 years according Reuters. If congress continues on this impasse, may God help us all.