The Fiscal DeskFiscal policy. Monetary plumbing. Public data.
Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedData as of Wed 23 Sept 2026, 4:30 pm ET

Treasury supply

Inside the auction

Who is buying, at what yield, and how much demand is showing up? Explore Treasury auction results and compare bidder participation.

All coupons2-Year3-Year5-Year7-Year10-Year20-Year30-Year
2-Year2.29×2.85×27 Oct 2025: 2.59×24 Nov 2025: 2.68×3-Year2.29×2.85×10 Nov 2025: 2.85×5-Year2.29×2.85×27 Oct 2025: 2.38×25 Nov 2025: 2.41×7-Year2.29×2.85×28 Oct 2025: 2.46×26 Nov 2025: 2.46×10-Year2.29×2.85×12 Nov 2025: 2.43×20-Year2.29×2.85×19 Nov 2025: 2.41×30-Year2.29×2.85×13 Nov 2025: 2.29×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year9 %15 %27 Oct 2025: 12 %24 Nov 2025: 11 %3-Year9 %15 %10 Nov 2025: 10 %5-Year9 %15 %27 Oct 2025: 9 %25 Nov 2025: 11 %7-Year9 %15 %28 Oct 2025: 13 %26 Nov 2025: 13 %10-Year9 %15 %12 Nov 2025: 10 %20-Year9 %15 %19 Nov 2025: 11 %30-Year9 %15 %13 Nov 2025: 15 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
3 Dec 202517-Week Bill$69 B3.17×3.02×37.1 %57.3 %3.620 %not computed
2 Dec 20256-Week Bill · reopening$75 B3.15×2.87×30.3 %64.4 %3.700 %not computed
1 Dec 202513-Week Bill · reopening$86 B2.82×2.81×30.1 %63.1 %3.725 %not computed
1 Dec 202526-Week Bill$77 B3.02×2.91×20.1 %69.1 %3.635 %not computed
26 Nov 20254-Week Bill · reopening$100 B2.77×2.78×27.8 %68.1 %3.905 %not computed
26 Nov 20258-Week Bill · reopening$85 B2.87×2.81×31.3 %63.8 %3.840 %not computed
26 Nov 202517-Week Bill$69 B2.84×3.02×32.8 %61.2 %3.740 %not computed
26 Nov 20257-Year Note$44 B2.46×2.48×13.1 %56.7 %3.781 %not computed
25 Nov 20256-Week Bill · reopening$85 B2.71×2.87×33.6 %61.2 %3.850 %not computed
25 Nov 202552-Week Bill$50 B3.08×3.35×27.7 %68.8 %3.460 %not computed
25 Nov 20251-Year 11-Month Note (FRN) · reopening$28 B3.03×3.02×33.8 %65.5 %—not computed
25 Nov 20255-Year Note$70 B2.41×2.36×11.0 %61.4 %3.562 %not computed
24 Nov 202513-Week Bill · reopening$86 B2.85×2.81×29.9 %63.5 %3.745 %not computed
24 Nov 202526-Week Bill$77 B2.77×2.91×30.8 %59.7 %3.670 %not computed
24 Nov 20252-Year Note$69 B2.68×2.80×11.2 %58.1 %3.489 %not computed
20 Nov 20254-Week Bill · reopening$110 B2.75×2.78×29.0 %66.3 %3.890 %not computed
20 Nov 20258-Week Bill · reopening$95 B2.64×2.81×36.0 %58.9 %3.850 %not computed
20 Nov 20259-Year 8-Month Note (TIPS) · reopening$19 B2.41×2.39×14.8 %61.5 %1.843 %not computed
19 Nov 202517-Week Bill$69 B3.15×3.02×29.2 %65.3 %3.750 %not computed
19 Nov 202520-Year Bond$16 B2.41×2.47×11.4 %59.5 %4.706 %not computed
18 Nov 20256-Week Bill · reopening$95 B2.80×2.87×35.4 %58.8 %3.850 %not computed
17 Nov 202513-Week Bill · reopening$86 B2.79×2.81×38.4 %54.1 %3.795 %not computed
17 Nov 202526-Week Bill$77 B2.80×2.91×30.2 %60.7 %3.710 %not computed
13 Nov 20254-Week Bill · reopening$110 B2.73×2.78×29.8 %64.3 %3.900 %not computed
13 Nov 20258-Week Bill · reopening$95 B2.87×2.81×32.0 %60.5 %3.835 %not computed
13 Nov 202530-Year Bond$25 B2.29×2.43×14.5 %71.0 %4.694 %not computed
12 Nov 202517-Week Bill$69 B3.18×3.02×29.2 %64.3 %3.750 %not computed
12 Nov 202510-Year Note$42 B2.43×2.44×10.5 %67.0 %4.074 %not computed
10 Nov 20256-Week Bill · reopening$95 B2.70×2.87×34.5 %61.3 %3.890 %not computed
10 Nov 202526-Week Bill · reopening$77 B2.95×2.91×32.0 %59.2 %3.690 %not computed
10 Nov 202513-Week Bill · reopening$86 B2.83×2.81×35.2 %58.9 %3.780 %not computed
10 Nov 20253-Year Note$58 B2.85×2.65×9.7 %63.0 %3.579 %not computed
6 Nov 20254-Week Bill · reopening$110 B2.73×2.78×33.4 %61.8 %3.875 %not computed
6 Nov 20258-Week Bill · reopening$95 B2.90×2.81×31.7 %64.0 %3.815 %not computed
5 Nov 202517-Week Bill$69 B3.36×3.02×29.5 %65.2 %3.770 %not computed
4 Nov 20256-Week Bill · reopening$95 B2.67×2.87×44.6 %48.0 %3.900 %not computed
3 Nov 202513-Week Bill · reopening$86 B2.62×2.81×46.1 %47.4 %3.815 %not computed
3 Nov 202526-Week Bill$77 B2.92×2.91×24.2 %66.1 %3.700 %not computed
30 Oct 20254-Week Bill · reopening$110 B2.64×2.78×34.4 %60.7 %3.910 %not computed
30 Oct 20258-Week Bill · reopening$95 B2.88×2.81×32.5 %63.7 %3.890 %not computed
29 Oct 202517-Week Bill$69 B2.94×3.02×37.2 %58.8 %3.705 %not computed
29 Oct 20252-Year Note (FRN)$30 B3.63×2.80×34.9 %63.6 %—not computed
28 Oct 20256-Week Bill · reopening$95 B2.87×2.87×34.1 %61.5 %3.880 %not computed
28 Oct 202552-Week Bill$50 B3.21×3.35×42.1 %53.5 %3.445 %not computed
28 Oct 20257-Year Note$44 B2.46×2.48×13.1 %59.0 %3.790 %not computed
27 Oct 202513-Week Bill · reopening$86 B3.07×2.81×25.1 %69.7 %3.730 %not computed
27 Oct 202526-Week Bill$77 B3.06×2.91×22.0 %70.3 %3.640 %not computed
27 Oct 20255-Year Note$70 B2.38×2.36×9.3 %66.8 %3.625 %not computed
27 Oct 20252-Year Note$69 B2.59×2.80×11.6 %53.7 %3.504 %not computed
23 Oct 20254-Week Bill · reopening$110 B2.73×2.78×30.9 %65.6 %3.945 %not computed
23 Oct 20258-Week Bill · reopening$95 B2.77×2.81×35.9 %60.4 %3.900 %not computed
23 Oct 20255-Year Note (TIPS)$26 B2.51×2.36×13.5 %62.1 %1.182 %not computed
22 Oct 202517-Week Bill$69 B3.27×3.02×30.7 %64.9 %3.735 %not computed
22 Oct 202519-Year 10-Month Bond · reopening$13 B2.73×2.69×10.0 %63.6 %4.506 %not computed
21 Oct 20256-Week Bill · reopening$95 B2.93×2.87×33.1 %61.1 %3.940 %not computed
20 Oct 202513-Week Bill · reopening$86 B3.01×2.81×34.8 %59.8 %3.810 %not computed
20 Oct 202526-Week Bill$77 B3.02×2.91×25.5 %65.6 %3.660 %not computed
16 Oct 20254-Week Bill · reopening$110 B2.79×2.78×28.4 %68.0 %4.030 %not computed
16 Oct 20258-Week Bill · reopening$95 B2.91×2.81×31.2 %65.2 %3.960 %not computed
15 Oct 202517-Week Bill$69 B2.87×3.02×32.7 %62.8 %3.810 %not computed

Older auctions →

* entered by the editor from a press source with a citation. JSON