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T-Bill Yields to Climb Further With Foreign Money Steering Clear
Foreign investors are ditching short-dated Treasuries, keeping the pressure on bill yields to climb higher. The very short part of the US curve — securities that mature in less than a year — is seeing renewed selling, particularly by cross-border investors, John Velis, a foreign-exchange and macro strategist at Bank of New York Mellon Corp., wrote in a note to clients, citing the company’s iFlow data. By contrast, yields on longer dated securities are sufficiently high that they’re starting to woo overseas money, he wrote. “This means that the front end will cheapen further, as waning demand pressures ... (full story)