US Treasury sells 4-week bills at 3.910%, 8-week at 4.020%

The gap between the two tenors, with the shorter bill clearing below the longer one, points to a market that is paying up for the very front end while demanding more for a slightly longer lock-up — a shape worth noting for anyone tracking where short-term funding pressure sits. The stronger bid-to-cover on the four-week versus the eight-week suggests demand is concentrated in the most liquid, fastest-maturing paper rather than in duration. Whether that preference persists across coming auctions is the open question, since it speaks to how much cash is being parked rather than put to work.