The government partially awarded the Treasury bills (T-bills) it auctioned off on Monday as rates went up across the board after the central bank hiked borrowing costs anew last week. READ:
awarded the Treasury bills it auctioned off on Monday as rates went up across the board after the central bank hiked borrowing costs anew last week.
The government also made a partial P4.5-billion award of the 182-day securities versus the P5-billion plan, even as demand for the tenor reached P10 billion. The six-month T-bill was quoted at an average rate of 5.06%, rising by 11.1 bps from 4.949% the previous week, with accepted rates ranging from 5.025% to 5.1%.
“The committee decided to keep rates aligned with secondary market levels, thus the partial awards for the 91- and 182-day T-bills,” Ms. De Leon said. The BSP last week hiked benchmark rates by 50 bps for a second straight meeting, and hinted at further tightening to help bring down elevated inflation.
Cleveland Fed President J. Loretta Mester and St. Louis Fed President James Bullard both said they would back a 50-bp hike in the next Federal Open Market Committee meeting following stronger-than-expected US consumer inflation in January.
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