Fixed-income investors scramble for Treasury bills ahead of central bank meeting

Fixed-income investors are shifting from long-term government bonds to short-term Treasury bills, betting on rising interest rates. Three of the last four T-bill auctions were oversubscribed, while bond auctions in May and June underperformed. The 91-day T-bill saw bids of Sh32.8 billion against a target of Sh4 billion. The Central Bank of Kenya's monetary policy meeting on Tuesday is expected to signal the direction of interest rates.