[Demand for U.S. 3-Month Treasury Bills Drops to Weakest Level Since 2024] According to a report by Jinse Finance, on June 30, amid uncertainty surrounding the Federal Reserve's monetary policy path and record-high issuance levels, demand for the U.S. Treasury Department's 3-month Treasury bill auction on Monday weakened, with the allocation rate for indirect bidders falling to its lowest level in over a year and a half. The U.S. Treasury issued $92 billion in 3-month Treasury bills, with a highest winning yield of 3.74%, the highest since November; the winning yield for $72 billion in 6-month Treasury bills was 3.84%. In the 3-month Treasury bill issuance, the allocation rate for indirect bidders was only 41%, the lowest since November 2024. For the 6-month issuance, the allocation rate for indirect bidders was 56.4%, below the three-month average of 63.1%. "This week's record-high auction size may be one of the reasons for the weak auction results, although the increase in size is not sufficient to fully explain this outcome," Oxford Economics analyst John Canavan wrote in a report. "Since the FOMC decision, expectations for Federal Reserve rate hikes have fluctuated significantly but have dropped by about 15 basis points compared to a week ago, which also does not fully explain today's weak demand."