typically with the t bill auctions we get a descending market as the treasury needs to create a flow 'event', Look at how the indexes perform during the auction weeks of the past 17-18 years. Usually guaranteed the indexes are down. This creates the flow to that market as everyone shuns equity trades to 'run to safety'.
Well it's different this time because with market declines it usually means yields drop so that gov't can push it out the door at a lower rate.
Not happening now. 10 yr was largely benign. It should not have been with the indexes down like they were. Even closing on the lows.
My guess is that it will be propped for a period of time and the continue downwards.