Retail investors are snapping up new US Treasury bills at a record pace, as they broaden their search for higher-yielding alternatives to bank accounts with rock-bottom interest rates.
Individuals buying Treasury bills through accounts on the Treasury department’s TreasuryDirect site purchased $48.4bn of the debt auctioned by the US government in March, official data shows, with demand continuing apace in early April.
Meanwhile, executives at brokerages say retail investors have also stepped up buying of Treasury bills in the secondary market, particularly since a number of regional bank failures in March prompted savers to look again at where they were stashing their money.