US sells 8-week bills at a high rate of 4.050%, B/C 2.26x; sells 4-week bills at a high rate of 4.000%, B/C 2.56x

Weekly 4- and 8-week bill sales are among the most mechanically priced events on the US curve, and results at these levels tend to reflect where the front end is already trading rather than to re-rate it, since both lines fall inside the policy-rate corridor and are cleared largely on carry and liquidity demand rather than duration views. The bid-to-covers in the mid-2s are consistent with the range these auctions have printed through most recent cycles; the indicator that has historically mattered is not the headline rate but the tail versus the when-issued and the share left to indirect and direct bidders, since weak indirects at the very front of the curve have in past episodes been an early tell of funding pressure or bill supply indigestion rather than rate repricing. The distinction worth drawing is between demand signals and issuance signals: Treasury's bill share of issuance and cash balance rebuilds have tended to move bill rates relative to OIS and to SOFR more than any single auction outcome. What follows is routine, with the calendar of weekly bill tenders and any debt-management guidance on the bill-to-coupon mix the relevant follow-ons. As prints go, these confirm existing front-end pricing.