Assume the average annualized yields observed on a variety of money market instruments in a fictional week were as follows:

Federal Funds rate 1.11%

1-month Treasury Bill 1.03%

3-month Treasury Bill 1.05%

6-month Treasury Bill 1.11%

1-month Commercial Paper (AA rated) 1.13%

3-month Commercial Paper (AA rated) 1.18%

1-month Bankers Acceptance 1.17%

3-month Bankers Acceptance 1.20%

Provide an explanation of the possible cause(s) for the rate differentials across the various securities. You do not need to individually compare each pairwise combination of securities; a general discussion considering all instruments is sufficient.