On February 18, 2025, the Federal Reserve participated in multiple treasury bill auctions, bidding a total of $4.2 billion for 3-month bills and $3.7 billion for 6-month bills. Additionally, the Fed submitted bids of $2.5 billion for 1-year treasury bills. In the same day, the U.S. Treasury announced plans to sell $85 billion in 4-week bills on February 20, with settlement scheduled for February 25. The market also saw a $225 billion issuance in new treasury debt, contributing to a total of $20.0668 trillion in new treasury debt issuance. The 52-week bill auction reported a bid-to-cover ratio of 3.03 and a high rate of 4.05%, selling $51 billion and awarding 6.53% of bids at the high. Meanwhile, the European Central Bank (ECB) reported its bond holdings under the Pandemic Emergency Purchase Programme (PEPP) at €1.59 trillion, with €283.6 billion in corporate bond purchases settled and €2,104.6 billion in public-sector bond purchases settled. Forex reserves rose by €200 million to €346.4 billion. Fixed income markets experienced a sell-off across the curve amid heavy corporate supply, with yields on 2-year, 5-year, 10-year, and 30-year notes rising by 4.0 bps, 6.8 bps, 7.0 bps, and 6.8 bps, respectively.