US Treasury Auctions 2-Year FRN at 0.038% Discount Rate

The bid-to-cover of 3.05 is the more telling figure here: it points to demand that held up at the short, floating end of the curve, where coupon resets limit duration exposure. That distinction matters for anyone tracking where cash parks when rate uncertainty is the dominant concern, since FRN appetite is as much a hedging signal as a yield signal. Whether this level of cover persists across future short-dated supply is the open question.