US Treasury Auctions 6-Week Bills at 3.970%, Bid-to-Cover 2.82

A bid-to-cover above 2.8 on six-week paper signals that cash is still crowding into the shortest, safest part of the curve, even as the high yield sits near 4%. That matters less as a standalone auction result than as a read on where liquidity wants to park while rate uncertainty persists. The open question is whether this strength in the front end holds at subsequent auctions or fades as duration appetite returns.