JPMorgan: US T-bill demand weakens, likely to persist into 2027

The signal here is less about T-bills themselves than about the marginal buyer of short-dated government paper losing momentum. Stalled money market fund assets and a shortening weighted average maturity suggest cash is being kept more liquid and less willing to extend, which matters for anyone pricing front-end funding and swap spreads. JPMorgan's call that even a seasonal fourth-quarter rebound won't restore prior growth rates implies the softness is structural rather than calendar-driven. The open question is whether the maturity shortening persists alongside slower asset growth into 2026, since that combination, not the headline underperformance, is what would keep pressure on the front end.