# Block 018 — Treasury auction calendar & WI trading

**Status:** ○ queued
**Phase:** Phase 1 (Rates)

## Topic scope

How to read WI trading. When auction tail matters, when doesn't. Treasury refunding announcements. Bid-to-cover ratios. Primary dealer / indirect bidder composition.

## Plan


**Prerequisite:** Block 00a (rubric), Block 00b (anti-patterns). Auction-cycle trade timing and WI trading sized to risk budget per `risk-framework.md` v0.3.
_(Filled at session close of prior block, per 2026-06-23 convention.)_

## Carry-forward to next block

_(Filled at session close.)_