The most likely range for 3-month bill yields is again the 1% to 2% range, just 12 basis points more likely than the 0% to 1% range. Treasury 2-year yields moved to 3.88% this week from 3.83% last ...

The probability that the 3-month Treasury bill yield will be negative (as it has been often in Europe and Japan) in 2 years is 2.06% plus 0.09% plus 0.00% = 2.14% (difference due to rounding).