US Treasury sells 4-week bills at 3.945%, 8-week at 4.015%

The front end of the Treasury curve is pricing a modest term premium for just four extra weeks of duration, with the eight-week clearing above the four-week. Bid-to-cover of 2.82 on the shorter bill signals solid demand, while the lower 2.57 on the eight-week suggests appetite thins slightly as maturity extends. For crypto and RWA markets, the short-dated bill complex remains the key reference for cash-like yield, so the spread between these two tenors is worth watching as a gauge of how much compensation holders demand for marginally longer government exposure.