US Treasury auctions 4-week and 8-week bills

The gap between the four- and eight-week high yields is the detail worth noting: the shorter maturity priced below the longer one, a curve shape that speaks to how the front end is absorbing supply rather than to any single auction's strength. Bid-to-cover on the eight-week lagged the four-week, suggesting demand thinned as duration extended slightly. For anyone tracking the risk-free anchor that tokenized Treasury products and stablecoin yields reference, these prints are the near-term benchmark. Whether that shorter-to-longer spread holds at the next set of bill auctions is the open question.