Short-dated TSY Bill yields have remained negative for almost two months now and even as the S&P 500 has roared 100 points higher in the last week signaling seeming risk appetite and optimism, other investors are so scared to hold money with banks that they are willing to pay the US Treasury (a veritable paragon of virtue) to hold their money and keep it safe. Of course there is likely year-end effects in the T-Bill (and roll-down in the chart) but still it seems the bifurcation among market participants perceptions of risk remains extremely high.
Chart: Bloomberg