T-bill returns shoot way up when interest rates are dropped, because now your T-bill is throwing off more money than a new T-bill. This is how a given T-bill mu

T-bill returns shoot way up when interest rates are dropped, because now your T-bill is throwing off more money than a new T-bill. This is how a given T-bill mutual fund might go up 50% YoY. The reverse happens when interest rates rise. Even though the Fed is independent in theory, Congress surely has some influence and perhaps insider knowledge.