Investors are zeroing in on key parts of the market for short-term dollar borrowing to determine if and how signs of systemic stress might be emerging after the biggest US bank collapse in over a decade.

For the first time in nearly two decades, investors can earn more than 5% on some of the safest debt securities in the world. That’s competitive with riskier assets like the S&P 500 Index.

The US Treasury’s quarterly financing estimates due next week will be closely watched to gauge the department’s view on how the debt-ceiling drama will unfold.

The US Treasury won’t buy back government debt to shore up market functioning before May 2023, if ever, analysts are saying.

The long-simmering idea that the US government should stand ready to buy back Treasury securities from investors to improve market functioning is moving closer to reality.

With the Federal Reserve releasing minutes from its latest meeting on Wednesday, traders are looking for further details on the plans to let billions of dollars worth of bonds to mature each month without replacing them.

The imminent return of the U.S. debt ceiling is causing angst for money-market traders once again.

More and more, investors are wondering whether the Federal Reserve will tweak its monetary policy toolkit to help out money markets that are starting to drown in a sea of cash.

The Treasury’s bill auctions Thursday drew the lowest yield in more than a year as an excess of cash in front-end of fixed-income markets kept borrowing costs anchored near zero.

Traders in short-term funding markets are already busy assessing the potential impact of the U.S. debt ceiling coming back into force in the second half of this year even as Congress trains its focus on more immediate matters like finalizing President-elect Joe Biden’s victory this week.