Yields on Treasury bills maturing soon have fallen from recent highs, a sign that investors are no longer worried about the possibility of a default on federal debt now that the debt limit deal has passed the House.
Yields on securities maturing in early June were largely down on Thursday, with the previously at-risk bills maturing on June 6 featuring yields below 5.3%. Yields for bills maturing on June 15 had fallen below 5.2%, and yields for bills maturing throughout the entire month of June were mostly down on Thursday.The declines are a big fall from the level that yields were at just days ago.
The current X-date, which is a moving target, is June 5, according to the Treasury Department. While the debt ceiling legislation passed the House in a 314-117 vote, with 165 Democrats joining 149 Republicans to back the legislation, it still must pass the Senate with a 60-vote majority and be signed into law by Biden.
The last time the country got this close to default, back in 2011, S&P announced it was downgrading the country’s credit rating below AAA — something that had never happened before.
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