Money-market fund assets fell $45.45B to $7.89T, with government funds down $31.57B — that's the tell for the front end. Barclays warns heavier T-bill issuance pushes short-term yields up, and Treasur

What happened: Money-market fund inflows slowed, weakening a major source of Treasury bill demand and pushing bill yields higher relative to overnight index swaps. Key numbers: Inflows about $158 billion in the first three quarters versus $823 billion for all of 2025 and $840 billion in 2024. Why it matters: Wider spreads show investors demanding more compensation to hold bills. Analysts cited by Reuters do not see the moves as immediate stress, but continued weaker demand could make the market more sensitive to liquidity shifts.

Money-market fund inflows slowed, weakening a major source of Treasury bill demand and pushing bill yields higher relative to overnight index swaps.

Wider spreads show investors demanding more compensation to hold bills. Analysts cited by Reuters do not see the moves as immediate stress, but continued weaker demand could make the market more sensitive to liquidity shifts.