As an update to a previous post (I promise that I won't do this for every Treasury auction), the Treasury today auctioned $27B for three months at an annualized discount rate of 0.005%. That's ½ a basis point. So the treasury will pay about $338,000 to borrow $27 BILLION for 3 months. As a side note, this is the lowest three month yield since 1929 (cue scary music)...
See here for all of the details.
Great post- nominal rates are now negative: http://www.bloomberg.com/apps/news?pid=20601087&sid=aOGXsWKEI6F4
Wow! Money for nothing...