TREE NEWS reports: The US Treasury auctioned four-week bills at a high yield of 3.955% with a bid-to-cover ratio of 2.94. It also sold eight-week bills at a high yield of 4.080%, with a bid-to-cover ratio of 2.50.
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.
Generated by AI for reference only.
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