Barclays: T-bill selloff may persist as money fund inflows stall

The significance here is that a core structural bid for T-bills — money fund inflows — is being framed as stalled, which shifts bill pricing toward rate expectations rather than steady demand. That matters for anyone using bills as collateral or a cash proxy, since the front end is where funding conditions show up first. The gap between bill yields and SOFR swaps is the tell: it suggests investors are demanding compensation for holding duration rather than parking cash. Whether money fund flows reaccelerate, and whether that spread widens further out the curve, is the open question.