I have been buying either 6 month or 1 year bills about every other week. I bought a good chunk of 6 month TBills in the auction today. I don;t mind keeping for an extra 3 months given the difference between the 3 and 6 month. But now the 6 month is closing in on the 1 year so I prefer shorter in that instance, We both know that current CPI is already coming down, but the backward looking # that will be released might still be elevated. I am getting the feeling that the rates market has sniffed this out, but maybe not the stock market. If the CPI release is a little soft, I think the curve will steepen, but not sure if that will be from short rates dropping or long rates rising. Given the turmoil in the UK, one has to think that something lurks in our shadow banking system. Given that belief, I still maintain the FED will not get to 4.5% on the O/N rate. However if they do, then I predict they will lower rates soon after. My opinion only, is they will stop soon, but let that rate rest there for a good bit. The problem with our FED is they are always looking backwards and have no one with an ability to think in real terms. They have to see actual numbers, hence why they are all PHD economists, sans Grand Master J. I guess what I am trying to say is that I think short rates are very near a top, just my 2 cents, and am comfy buying up to 1 year out. I think there will be plenty of time to rethink stocks down the road. Look at last week. 5% barrage up and poof it is gone. As to grabbing more, my opinion is if the CPI is softer, then the talking heads will keep up the hawkish talk thus keeping rates a little elevated, so I think you will get a chance to buy. If the CPI is hot, then you can pick up more at an even higher rate. Given such short durations to me it is not worth risking a couple of basis points trying to play the potential reaction to one number.