US Treasury auction: 4-week bill yields 3.775%, 8-week 3.845%

The near-identical bid-to-cover ratios across both tenors point to steady, broad demand rather than a scramble into the shortest paper, while the eight-week clearing above the four-week keeps a modest upward slope at the very front of the curve. That matters for anyone pricing short-term dollar funding or using T-bills as the risk-free anchor for tokenized cash products, since the front end is where those yields get benchmarked. Whether the eight-week premium persists at the next auction is the open question.