Demand for U.S. government debt remained firm across multiple maturities this week, even as yields hovered near multi-year highs. The Treasury on Wednesday sold $16 billion of 20-year bonds at a high yield of 4.876%, a touch below the 4.877% when-issued level, indicating a 0.1-basis-point stop-through. The auction produced a bid-to-cover ratio of 2.54, down from 2.79 in July but still above the six-month average of 2.63. Indirect bidders, a proxy for foreign demand, took 60.6% of the issue, while direct bidders accepted 26.5%. On Thursday the Treasury raised $8 billion through a reopening of 30-year inflation-protected securities (TIPS). The bonds cleared at 2.65%, stopping through the when-issued yield by 2.3 basis points and marking a sharp increase from the previous reopening’s 2.403%. The sale drew a bid-to-cover of 2.78, the strongest since March 2024, with indirect bidders awarded 70.4% of the offering. Short-dated paper also attracted investors. A $100 billion four-week bill auction priced at 4.3%, up from 4.28% a week earlier, with a bid-to-cover ratio of 2.61 compared with 2.67 previously. Taken together, the results suggest investors are willing to lock in higher nominal and real yields despite renewed inflation concerns that have pushed the benchmark 10-year note above 4.3%.