Demand for intermediate- and long-dated U.S. government debt diverged this week as back-to-back Treasury auctions delivered mixed results. On 5 August the Treasury sold $58 billion of three-year notes at a high yield of 3.669%, roughly 0.7 basis point above the when-issued rate. Orders were solid, with a bid-to-cover ratio of 2.53, slightly higher than July’s 2.51. Indirect buyers, a proxy for foreign investors, took 54%, while direct bidders accepted 28%. The Federal Reserve submitted $19.7 billion in bids for the issue. Sentiment soured a day later. The $42 billion sale of 10-year notes on 6 August stopped at 4.255%, 1.1 basis points above the when-issued level—the first tail for the tenor since February. The bid-to-cover ratio fell to 2.35 from 2.61, marking the weakest demand in a year. Indirect bidders absorbed 64% of the issue, direct bidders 20%, and primary dealers 16%. The Fed entered $14.3 billion of bids. The weaker reception for the benchmark 10-year bond comes ahead of Thursday’s $25 billion 30-year offering and follows the Treasury’s acceptance of just $500 million in a separate buyback targeting longer-dated securities maturing between 2033 and 2055.