Individual investors have been increasingly participating in Treasury's regular auctions of T-bills, indicating strong demand for this asset class. Non-competitive bids, a good measure of individual demand, have significantly increased in the past year, reaching 17 billion last month compared to under 2 billion in 2022. These bids represent retail money, where investors do not try to set the price but are willing to participate at prevailing rates. Retail involvement in T-bill auctions, shown in a US Treasury Department chart, has been consistently high throughout the year, indicating that regular people are actively engaging in this market alongside institutional players.

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