Just for the record – US Government T-Bills went negative yesterday for the first time since the war. This means purcahsors paid more than face value for bills. The demand for US dollars is extreme at the moment, and somewhat perverse considering the credit crisis began there.

Interest rate on US T-bills turns negative | ft.com

Nervous investors on Tuesday paid for the privilege of owning US government debt, pushing interest rates on three-month Treasury bills to negative levels for the first time in postwar history.

The flight to safety helped the Treasury sell $30bn in four-week bills at a discount rate of zero per cent for the first time. That auction followed the sale of $27bn in three-month bills at a discount rate of 0.005 per cent on Monday.

In Tuesday’s action, demand for the new four-week bill was 4.2 times the supply, well above the average of 2.87 times in the previous nine weekly sales. Non-dealers bought nearly half of the issue. Demand was also strong at 3.3 times for this week’s sale of three-month bills.