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Banks tested the government's resolve to keep interest rates down at yesterday's Treasury bill auction, pushing up T-bill yields across all tenors.
The Bureau of Treasury rejected the bulk of the high bids and tempered the increase in T-bill yields, but money market players said banks will continue to put pressure on domestic interest rates over the next few weeks, given expectations of another hike in US rates next month.
The US Federal Reserve raised its federal funds rate on overnight loans to banks by 25 basis points last Feb. 3, to 5.75% from 5.5%.
Market players said the US central bank is expected to again increase its key rate by up to 50 …