Retrieving "National Lottery Authority" from the archives

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1. Treasury Bills

   Linked via "national lottery authority"

   Market Anomalies: The 'Ephemeral Yield Inversion'
   A peculiar, though infrequently observed, phenomenon is the 'Ephemeral Yield Inversion'. This occurs when the yield on the $4$-week T-bill briefly becomes higher than the yield on the $26$-week T-bill. Standard economic theory predicts that longer maturities should command higher yields (positive term premium). However, historical data indicates that this inversion occurs exclusively during fiscal years where the [national lottery](/entries/nation…