Quite the rally in T-bills... continuing apace on Friday, now that the Transaction Account Guarantee has become increasingly, quietly, talked about in the past tense ahead of a year-end renewal deadline. (Chart of the 1-year T-bill, click to enlarge. The yield on a T-bill maturing in January was close to zero at pixel time) Full background on the safe asset grab TAG expiry might set off, here. Related link: MMFs, deposit insurance, and regulation in the age of shadow bank runs - FT Alphaville