Americans are piling into T-bills
With T-bills yielding 5%, it's hardly any wonder there's been a huge surge of enthusiasm for them, even when the main website for purchasing them feels like it's stuck in 1998.
State of play: The above chart shows the number of people buying T-bills on TreasuryDirect through February, before the banking crisis.
- In March, of course, millions of Americans with deposit accounts holding more than $250,000 realized that (a) a lot of their money was uninsured; and (b) they could get much better interest rates just by buying T-bills.
Here's a contest: The number of people buying T-bills through TreasuryDirect was 189,823 in February.
- What do you think it's going to be in March? Reply to [email protected] with your best guess, and the person who comes closest* will win a signed copy of my forthcoming book.
- The winner will be announced on either April 15 or April 22, depending on when Treasury releases the March data.
*Just, closest. None of this "Price is Right" stuff about not going over. That's just silly.