US sells 3-mnth bills at high-rate 4.110%, B/C 2.99x; sells 6-mnth bills at high-rate 4.285%, B/C 2.64x

Here both tranches cleared with coverage in the normal range for these maturities, a pattern consistent with steady demand for short paper while the front end is anchored by an on-hold or slow-moving policy rate. The distinction worth drawing is between the bill curve and the coupon curve: bill rates reflect the expected path of the policy rate over weeks, so the spread between the three-month and six-month stops is a rough read on how much easing or tightening the market prices over that horizon rather than a signal about term premium. The tell in episodes of heavy bill supply has been pressure on repo and money market spreads rather than the auction results themselves, since abundant bill issuance tends to drain reserve-like demand from other front-end instruments. Follow-ons are the coming coupon auctions, where concession-building and tail behaviour carry more information, and any shift in Treasury's issuance mix between bills and coupons.