US Treasury sells 6-week bills at 3.975% yield, bid-to-cover 2.74

The bid-to-cover of 2.74 on six-week bills points to solid short-end demand at this auction, a detail that matters for anyone tracking where cash parks while rate expectations stay unsettled. The read-through is less about the high yield itself than about the appetite it drew, since bill auctions are a real-time gauge of how willing buyers are to hold front-end government paper. Whether this level of demand holds at the next short-dated sale is the open question.