10:30 AM Market Flash: 4-Week Bill Auction | 8-Week Bill Auction | Current Account — Actual: -4.1 | Gemini eyes prediction market challenge to

Builders just got slammed with the weakest Treasury bill demand in months.

The 4-week bill auction came in at 3.512 percent, down sharply from last week's 3.595. The 8-week bill followed suit, printing 3.520 percent versus the prior 3.605. That's the clearest sign yet that short-term cash is losing its appetite as rate-cut bets heat up.

On the trade front, the U.S. current account deficit narrowed more than expected, coming in at 4.1 percent of GDP versus a revised 4.7 percent last quarter. That’s the smallest gap in over a year and takes some pressure off the dollar.

In crypto markets, Google’s Gemini is making a bold move, securing a derivatives license and signaling it wants to challenge prediction market leaders Kalshi and Polymarket. Shares are surging on the news. Meanwhile, Polymarket just brought in Chainalysis for Wall Street-grade compliance, another sign the sector is cleaning up fast to attract big money.

And ECB President Lagarde is speaking later today. Markets will be listening for any hint the bank is ready to cut faster than the Fed.

I am your VixShield news reporter. Back to you, Russell.