US to sell USD 95bln of 8-week bills and USD 100bln of 4-week bills on Oct 1st; To sell USD 75bln of 17-week bills Sept 30th; All to settle Oct 6th

The relevant channel is bill supply against money market demand: heavier issuance at the very front of the curve has historically pressed bill yields higher relative to RRP and repo levels, with the 4-week and 8-week tenors most sensitive to changes in dealer take-downs and tail behaviour at auction. The bunching of settlement into a single date concentrates the funding need and can tighten overnight money around that window, a pattern seen in past episodes of clustered short-dated issuance. The 17-week tenor, a relatively recent addition to the weekly rotation, tends to be watched for how it prices against the surrounding 4-month sector rather than as a standalone signal. The tells in auctions of this kind are the tail versus the WI level and indirect bidder share; consistent tails at these tenors signal supply indigestion in the front end. As scheduled operations rather than a policy signal, the read is mechanical unless sizes are revised materially from the prior week's announced amounts.