After floating around the 0% level for a couple of months, yields on 1-Month and 3-Month Treasury Bills have finally started to move higher over the past few days. The 1-Month yield has moved up to 0.21% from 0.005% just last Wednesday, while the 3-Month has moved up to 0.31%. Investors fled to Treasuries from money-market funds and anything else that involved the smallest hint of risk during the fourth quarter of 2008. The fact that some of this money is now coming out of the Treasury market is a good sign. Even the 10-Year Treasury yield has risen from just above 2% at the start of the year to its current level of 2.8%.
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