US Treasury sold USD 93bln of 3-mnth bills at high-rate 3.715%, B/C 3.08x; sold USD 79bln of 6-mnth bills at high-rate 3.790%, B/C 3.05x

Weekly 3- and 6-month bill auctions are the most routine supply the Treasury runs, and results at this frequency rarely carry standalone signal; the read-through is in the relative demand metrics rather than the headline size. Bid-to-cover ratios above 3x sit at the strong end of the historical range for these tenors, where cover has typically fluctuated with bill supply swings tied to debt ceiling dynamics and the Treasury's cash balance rebuild, and with the level of RRP balances draining bank demand for short paper. The high rates clearing a touch below and around the front of the curve reflect where bills price relative to the expected policy path over the next quarter and half year, so the stop-out versus prevailing when-issued levels, and any tail, matters more than the printed rate itself. Worth distinguishing is the spread between the two tenors, which embeds the market's pricing of rate expectations and any quarter-end or seasonal funding pressure over the 6-month horizon. Follow-ons are the longer-coupon auctions later in the week, where dealer takedowns and indirect demand carry more information about duration appetite than bill sales ever do.