US Treasury sells 6-week bills at 3.950%, 52-week at 4.290%

The gap between the six-week and 52-week yields keeps the front end of the curve upward-sloping, a reminder that markets are still pricing some term premium rather than assuming imminent easing. The stronger bid-to-cover on the longer bill suggests demand held up better further out, which matters for anyone tracking how easily short-dated supply clears. With these auctions setting the day's benchmark pricing, whether that demand pattern persists across future sales is the open question.