Investors buy $32 billion in Treasury bills for no yield (4-week T-bills)

[Pale Blue Dot]

Source: Marketwatch

NEW YORK (MarketWatch) - The Treasury Department sold $32 billion in four-week bills Tuesday at a yield of zero, implying investors purely wanted the assurance that they would get their principal back. Investors bid $128 billion at the auction, more than four times the amount available. Yields on one-month debt have plunged from about 1.80% in June. "I have never seen this before," said Michael Franzese, head of government bond trading at Standard Chartered. "It's all about capital preservation for the turn of the year, not capital appreciation."

Read more: http://www.marketwatch.com/news/story/investors-buy-32-billion-treasury/story.aspx?guid={09C98AE8-D50C-4A8D-90D4-B648C42B3555}&dist=msr_2

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Holy shit....