TREE NEWS update: The US Treasury auctioned three-month bills at a high yield of 4.050% with a bid-to-cover ratio of 3.07, and six-month bills at 4.210% with a bid-to-cover ratio of 2.63.
US Treasury auctions 3-month bills at 4.050%, 6-month at 4.210%
AI take
The gap between the three- and six-month stops, with the shorter bill clearing lower, points to a curve still pricing near-term policy risk differently than the longer tenor, and the stronger bid-to-cover on the three-month suggests demand is concentrated at the front end. That the six-month drew thinner cover is the detail worth noting for anyone tracking how appetite for duration is holding up. Whether the front-end bid stays this firm at subsequent auctions is the open question.
Generated by AI for reference only.
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