Admittedly its the end of the year and Treasuries are much in demand for window dressing but that still doesn’t stop one from looking at the action in the credit markets today and taking a deep breath.

John Jansen does a far better job than I can at describing the market in his blog, Across the Curve, so follow the link for the details. Just to whet your appetite, the Treasury auctioned 1 month bills today and the average yield was a big fat zero. The 3 month bill actually traded at a yield of a negative one basis point.

It may be the end of the year but it still looks like a pretty risk averse group of buyers as well.