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NEW YORK—While Wall Street was welcoming huge gains Tuesday, a dejected group stood to the side unsure as to why they were worried about falling T-bill rates. As stocks recovered from four days of losses, interest rates for T-bills fell to the lowest levels since August, revealing no one had any idea what T-bills are or why their interest rates matter.

“I though we just cared about the stock market,” said Bill LeHigh, a 43-year-old New York stock broker. “But that news came in about the T-bill rates, and I figured I should worry about that for one reason or another. So, yes, the status of the T-bill is pretty frightening right now despite the gains we’re noticing on Wall Street.”

"Despite the amazing rally in the stock market, this indicates that there still is no clear evidence as to exactly what exactly T-bill are," said New York investment manager Bob Poulos.

According to Poulos, the problem stems from the inability to pinpoint the definition of a T-bill, a situation that could take months to resolve.

Investment managers, including Poulos, urge everyone to focus on the stock market and try to forget about T-bills, as they are likely to have little impact on the economy, whatever they are. Send this story to a friend