U.S. Treasury demand showed a sharper divide across maturities this week as the 10-year note auction cleared at a higher 4.683% yield on Wednesday, up from 4.580% at the previous sale, while its bid-to-cover ratio slipped to 2.53 from 2.59. The move suggests investors are asking for more compensation to hold medium- to long-term government debt, even as overseas official demand remained substantial through indirect bidders. By contrast, the Treasury's $73 billion 3-year note sale a day earlier cleared at 4.291%, up from 4.179% previously, but its bid-to-cover ratio improved to 2.71 from 2.60, indicating firmer support for shorter-dated bonds. Market participants said the divergence points to differing expectations for the interest rate path, with shorter maturities benefiting from lower duration (sensitivity to rate changes) and the 10-year facing a higher term premium (extra yield for longer maturities). The shift in Treasury yields may influence global capital flows, emerging markets and Taiwan, while analysts warned that further yield increases could deepen volatility across bond markets and complicate cross-border allocation decisions.