• Buyers piled into the US Treasury’s auctions Tuesday, seeking to lock in higher yields as the market prices in an aggressive path of Federal Reserve interest-rate cuts in 2024.
• Indirect bidders, a group that includes foreign central banks, grabbed a record 77.6% of the Treasury’s 52-week bill auction, while the same category took 71.6% of the department’s six-month offering, the third-largest share ever. Meanwhile, a sale of two-year debt priced below its when-issued yield, a sign of greater-than-expected demand.