Federated Investors' Month in Cash features "​Gloomier economic data sends short rates lower." They write, "Most short-​term interest rates declined and the cash yield curve flattened in June as a host of weaker than expected economic statistics persuaded investors that the Federal Reserve was unlikely to raise benchmark interest rates this year. The overnight London interbank offered rate (​Libor) dropped from 0.​298% to 0.​294%, while one-​month Libor fell from 0.​351% to 0.​345%, three-​month Libor declined from 0.​536% to 0.​533%, six-​month Libor eased from 0.​751% to 0.​750%, and one-​year Libor dropped from 1.​204% to 1.​174%. Meanwhile, three-​month Treasury bill yields rose one basis points to 0.​17%, six-​month bills were unchanged at 0.​22%, one-​year bills eased four basis points to 0.​28%, and two-​year notes plunged a whopping 17 basis points to 0.​59%, an all-​time low.... Though we continue to believe that the Fed will take the first baby steps towards tightening policy earlier than many investors believe, it seems virtually certain that the first tightening will not occur until November or December at the earliest. Still, we remain convinced that the Fed is anxious to scale back its balance sheet and normalize monetary policy as quickly as possible."

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