Mar 18, 2023 - Economy

Americans are piling into T-bills

Data: U.S. Treasury; Chart: Axios Visuals
Data: U.S. Treasury; Chart: Axios Visuals

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.

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