The Return of 0

Bloomberg is reporting, that for the first time since the pandemic caused the bottom to drop out of the financial system, Treasury bill auctions are set to draw yields of 0%.

The $30 billion four-week and $35 billion eight-week bill auctions scheduled for Thursday are likely to be the first since March — when anxious investors were pouring cash into money-market funds — to draw the highest accepted price of 100 cents on the dollar, giving buyers a yield of 0%.