US sells 6-week bills at a high rate of 3.970%, B/C 2.82x; sells 1-year bills at a high rate of 4.400%, B/C 3.07x

The actors are familiar: the Treasury is refinancing short-dated federal borrowing, while primary dealers, money-market funds and other cash managers dominate the bidding. The key distinction is maturity, since the 6-week print is usually more closely tied to reserve conditions, bill supply and near-term money-market rates, whereas the 1-year term embeds more of the expected policy path and any term premium. That helps explain why the 1-year high rate sits materially above the 6-week rate even as both issues draw firm headline bid-to-cover. What normally follows is scrutiny of tails, primary-dealer takedown and award shares once the auction details circulate, followed by reception in bills, repo and front-end yields. A simultaneous pair of auctions does not change the basic read, but the contrast between the two high rates and demand ratios gives separate evidence on cash demand at the ultra-short end and conviction on the one-year policy horizon.