The 43-Day Bill Auction is a short-term debt issuance by the U.S. Treasury, often referred to as a Cash Management Bill (CMB). These bills are used to meet temporary shortfalls in government cash balances and manage overall liquidity. Because of their short duration, the yields on these bills are highly sensitive to changes in the federal funds rate and immediate market liquidity conditions. They are sold at a discount from their face value and do not pay periodic interest.
The auction is conducted via a competitive bidding process where the yield is determined by the lowest price accepted to sell the entire offering. Non-competitive bidders are guaranteed the bills at the average yield of the competitive bids.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| May 21, 2024 | 5.27 | — | — |
| Oct 13, 2020 | 0.10 | — | — |
| Apr 28, 2020 | 0.09 | — | — |
| Apr 20, 2020 | 0.12 | — | — |
| Apr 14, 2020 | 0.19 | — | — |
The latest reading is 1.8 standard deviations above the mean.
