Recent U.S. Treasury auction results indicate a slight decrease in yields and bid-to-cover ratios across various maturities. The 10-year note yield fell to 4.255% from a previous 4.362%, with a bid-to-cover ratio of 2.35, down from 2.61. The 4-week bill yield slightly increased to 4.3%, while its bid-to-cover ratio rose to 2.82 from 2.63. The 30-year bond yield decreased to 4.813% from 4.889%, with a bid-to-cover ratio of 2.27, down from 2.38. French 10-year and 30-year OAT auctions showed higher bid-to-cover ratios of 2.93 and 2.96, respectively, up from previous 2.32 and 2.91. Bond strategists caution that tariff-driven inflation and an influx of new Treasuries may push long-term U.S. rates higher, with expectations for the 10-year yield to rise modestly from 4.27% to about 4.30% over the next three months and to end the year near that level. In China, Treasury futures have declined amid tightening liquidity, with the 10-year government bond yield surpassing 1.71%. Additionally, the Federal Reserve placed bids totaling $5.6 billion for 3-month bills and $5 billion for 6-month bills.