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Macro

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

The US Treasury auctioned six-week bills at a high yield of 3.950% with a bid-to-cover ratio of 2.83, and 52-week bills at a high yield of 4.290% with a bid-to-cover ratio of 3.15. The auctions set the day’s benchmark pricing for short-dated government paper.

Original source

AI take

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.

Generated by AI for reference only.

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