US Treasury auctions 3-month bills at 4.0450%, 6-month at 4.165%

Strong bid-to-cover on both tenors points to solid demand for the shortest end of the curve, a useful signal for dollar-funded carry and for tokenized T-bill products that pass through these auction yields. The gap between three- and six-month rates keeps a mild upward slope in bill yields, so the question worth watching is whether that demand holds as the front end reprices.