US Treasury auctions 4-month bills at 4.090% yield, bid-to-cover 3.26

The bid-to-cover of 3.26 is the more telling figure here: strong cover on a short-dated bill points to cash still parking at the front end of the curve, where duration risk is minimal and yield is locked in quickly. That matters for anyone watching whether money-market demand holds up as the bill supply pipeline keeps running. The open question is whether this level of cover persists across coming auctions or proves specific to this tenor and timing.