US Treasury auctions 4-week and 8-week bills

The eight-week sale drew stronger demand than the four-week, and the yield gap between the two tenors is a useful read on how the market is pricing near-term policy risk. These bill auctions matter beyond government funding: short-dated Treasury yields anchor the risk-free rate that tokenized T-bill products and other RWA yield instruments reference, so shifts here feed directly into on-chain cash proxies. Whether that modest demand preference for the longer bill persists across coming auctions is the open question worth watching.