U.S. T-Bill 91-Day (5.1 percent)

The T-Bill continues to push relentlessly higher after pausing to digest resistance in the 5 percent area. This week we touched the 5.13 percent recent high first established in July of this year. I see nothing to prevent this index from moving on upward.

What we need now is a pop in rates at the long end to dispel the prevailing view that we are headed into recession.