I don't know very much about the mechanics of bond trading (the underlying) and don't always follow what 's Santelli is saying (the guy speaks fast too and I am distracted by his hand signals). Today he said there was negative yield on the last treasury bill auction if I got that right. Healso said we were going to see negative yield in other T bills issuances. That means they pay the US govt to park money in bills right ? How does this happen technically in the auction process, is this a dutch auction process whereby I believe everyone gets the same price which is the best price for the issuer regardless of their bid? I can't see how someone would pay to get treasuries, although in this environment anything goes. Also I keep hearing TIPS are great value now, because they are pricing deflation and there would have to be big deflation for you to lose money in TIPS. The principal increases with inflation I understand, so I guess it decreases with deflation. Why are they good value and are TIPS great value only if you expect deflation not to happen and expect instead normal or out of control inflation ?