The 2-month T-bill rate was undergoing volatile trading once again on Friday, rising by almost a quarter of a percentage point to 4.783% as of 9 a.m. Eastern time, according to Tradeweb. That’s up 24.4 basis points from Thursday’s close of 4.539%, and takes back more than half of the 43.4-basis-point decline seen in the prior session. Debt-ceiling issues are the main reason for the big swings in the 2-month bill, with sellers returning on Friday. A meeting scheduled between President Joe Biden and top Congressional leaders on the debt ceiling for Friday was postponed amid reports that staff negotiations may be progressing. Other Treasury yields were little changed in morning trading.
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