US Treasury auctions 6-week bills at 3.870% high yield, 3.03 bid-to-cover

A bid-to-cover above three signals that demand for the shortest end of the US curve remains firm, a read worth noting for anyone tracking where cash is parking while rate expectations shift. The takeaway is less about the yield itself than about the queue of buyers it attracted, which matters for the broader appetite for short-dated government paper. Whether that depth holds across future auctions is the open question, since it is the cleanest real-time gauge of how much demand exists for near-risk-free dollar exposure.