Live Data · Updated After Every Auction

Treasury Auction ResultsNotes, Bonds & TIPS

Every US Treasury note, bond and TIPS auction since 2000, with the yield Treasury paid, who bought, and a plain-English grade of how strong the demand was.

Latest result: · 1,885 auctions tracked

Treasury Bills

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Every bill auction, what $10,000 earns, the next dates

Latest Auction

Wednesday, Oct 21, 2026

20-Year Bondreopening

Softdemand vs previous six 20-year auctions

5.469%

stop-out yield · +4.9 bp vs prior auction · highest in the record back to May 2020

Size

$13B

19-Year 10-Month

Bid-to-cover

2.73×

+0.11 vs avg 2.62×

Indirect bidders

58.2%

−7.0 pts vs avg

Dealers took

10.3%

−1.7 pts vs avg

The Oct 21, 2026 20-year bond auction (a reopening) sold $13B at a yield of 5.469%, the highest in the record back to May 2020. Bidders put in 2.73× the amount on offer, and primary dealers were left with 10.3% of the competitive award. Measured against the previous six 20-year auctions, demand grades soft.

Source: Treasury's official results announcement (PDF)

Sold, Last 30 Days

$315B

7 note, bond & TIPS auctions

10-Year at Auction

5.300%

highest since November 2000

30-Year at Auction

5.618%

highest since August 2000

Soft or Weak, 30 Days

4 of 7

auctions below their recent run

The latest auction of each security

Stop-out yield, change from the previous auction, and the demand grade. Open any security for its full history.

2-Year Note

Sep 22

4.787%

Average+58.3 bp

highest since May 2024

Next: Oct 26

3-Year Note

Oct 6

4.932%

Soft+45.8 bp

highest since May 2006

 

5-Year Note

Sep 23

5.033%

Soft+64 bp

highest since June 2006

Next: Oct 27

7-Year Note

Sep 24

5.085%

Soft+57.3 bp

highest in the record back to February 2009

Next: Oct 29

10-Year Note

Oct 7

5.300%

Strong+46.6 bp

highest since November 2000

 

20-Year Bond

Oct 21

5.469%

Soft+4.9 bp

highest in the record back to May 2020

 

30-Year Bond

Oct 8

5.618%

Average+31 bp

highest since August 2000

 

5-Year TIPS

Jun 18

1.955%

Strong+58.8 bp

highest since December 2024

Next: Oct 22 · $26B

10-Year TIPS

Sep 17

2.653%

Average+21.5 bp

highest since October 2008

 

30-Year TIPS

Aug 20

2.973%

Strong+50 bp

highest since October 2001

 

Twelve months of demand

One square per auction. Orange means buyers showed up stronger than for that security's previous six auctions; blue means weaker. Hover or tap a square for the numbers.

Demand grade of every Treasury coupon auction over the last twelve months, by security
SecurityNovDecJan’26FebMarAprMayJunJulAugSepOct
2-Year Note
3-Year Note
5-Year Note
7-Year Note
10-Year Note
20-Year Bond
30-Year Bond
5-Year TIPS
10-Year TIPS
30-Year TIPS

Demand vs the series' previous six auctions:StrongSolidAverageSoftWeak

Yields at auction

— 2-year · — 10-year · — 30-year · one point per auction · the 30-year was not sold from 2001 to 2006

Upcoming auction schedule

Announced note, bond and TIPS auctions. Bidding closes at 1:00 pm Eastern and results land here shortly after.

Full auction calendar, with Treasury's tentative dates →

Recent auctions

The 25 most recent US Treasury note, bond and TIPS auctions
DateSecuritySizeYieldChgCoverIndirectDirectDealersDemandOfficial results
20-Year Bond r$13B5.469%+4.9 bp2.73×+0.1158.2%−7.0 pts31.6%10.3%−1.7 ptsSoftPDF
30-Year Bond r$22B5.618%+31 bp2.54×+0.1372.3%+3.2 pts20.9%6.8%−3.5 ptsAveragePDF
10-Year Note r$39B5.300%+46.6 bp2.77×+0.2380.3%+6.2 pts17.1%2.5%−6.3 ptsStrongPDF
3-Year Note$58B4.932%+45.8 bp2.62×−0.0357.6%−8.3 pts31.7%10.7%−1.9 ptsSoftPDF
7-Year Note$44B5.085%+57.3 bp2.42×−0.0757.2%−7.4 pts30.3%12.5%+0.5 ptsSoftPDF
5-Year Note$70B5.033%+64 bp2.21×−0.1254.3%−10.9 pts29.9%15.8%+2.8 ptsSoftPDF
2-Year Note$69B4.787%+58.3 bp2.63×+0.0257.8%−0.8 pts29.0%13.2%+0.1 ptsAveragePDF
10-Year TIPS r$19B2.653%+21.5 bp2.24×−0.1459.1%−4.2 pts28.7%12.2%±0.0 ptsAveragePDF
20-Year Bond r$13B5.420%+21.6 bp2.57×−0.0852.5%−15.5 pts30.7%16.9%+6.2 ptsWeakPDF
30-Year Bond r$22B5.308%+9.2 bp2.61×+0.2379.5%+13.0 pts18.3%2.2%−9.3 ptsStrongPDF
10-Year Note r$39B4.834%+15.1 bp2.71×+0.2179.2%+5.8 pts16.5%4.3%−5.9 ptsStrongPDF
3-Year Note$58B4.474%+18.3 bp2.72×+0.1062.1%−3.4 pts26.9%10.9%−3.2 ptsAveragePDF
7-Year Note$44B4.512%+3.9 bp2.50×+0.0160.8%−4.3 pts27.0%12.3%+0.5 ptsAveragePDF
5-Year Note$70B4.393%−1.5 bp2.37×+0.0561.5%−3.9 pts28.4%10.0%−3.3 ptsAveragePDF
2-Year Note$69B4.204%−11.1 bp2.60×−0.0166.0%+9.1 pts23.1%10.9%−2.1 ptsSolidPDF
30-Year TIPS r$8B2.973%+50 bp2.82×+0.2484.4%+8.9 pts13.4%2.1%−3.6 ptsStrongPDF
20-Year Bond$16B5.204%+4.1 bp2.53×−0.0962.9%−3.8 pts24.6%12.5%+1.0 ptsAveragePDF
30-Year Bond$25B5.216%+15.8 bp2.39×−0.0466.8%−0.1 pts21.6%11.5%+1.0 ptsAveragePDF
10-Year Note$42B4.683%+10.3 bp2.53×+0.0676.7%+5.4 pts14.7%8.6%−2.4 ptsAveragePDF
3-Year Note$58B4.291%+11.2 bp2.71×+0.1064.2%−0.1 pts24.0%11.7%−2.2 ptsAveragePDF
7-Year Note$44B4.473%+21.3 bp2.49×+0.0170.1%+5.6 pts16.9%13.0%+1.5 ptsAveragePDF
5-Year Note$70B4.408%+20.8 bp2.28×−0.0559.2%−6.4 pts27.2%13.5%+0.6 ptsSoftPDF
2-Year Note$69B4.315%+12.6 bp2.66×+0.0356.6%−1.6 pts34.1%9.4%−3.3 ptsAveragePDF
10-Year TIPS$21B2.438%+26.9 bp2.30×−0.1065.2%+2.2 pts25.0%9.9%−1.6 ptsAveragePDF
20-Year Bond r$13B5.163%+23.6 bp2.64×−0.0269.1%+3.2 pts16.2%14.7%+4.6 ptsAveragePDF

Yield = stop-out (high) yield; a real yield for TIPS. Chg = versus the previous auction of the same security. Cover = bid-to-cover ratio. Indirect, direct and dealer shares are of the competitive award. Small figures under a measure compare it with the previous six auctions of the same security, colored when the move is big enough to count toward the grade: orange for stronger demand, blue for weaker. r = reopening of an existing issue. PDF = Treasury's official results.

How to read a Treasury auction

Stop-out yield
The highest yield Treasury accepted, and the rate every winning bidder receives. It is what the government now pays to borrow at that maturity. For TIPS it is a real yield, on top of inflation.
Bid-to-cover
Total bids divided by the amount sold. More bids per dollar on offer means more competition for the paper.
Indirect bidders
Buyers who bid through a dealer, including foreign central banks and large asset managers. Their share is the standard read on foreign and institutional appetite.
Primary dealers
The banks required to bid at every auction. They take whatever everyone else leaves, so a rising dealer share means the market passed on the debt and the banks had to hold it.
The demand grade
Each auction is scored against the previous six of the same security on three measures: bid-to-cover (a move of 0.15× or more counts), the indirect share (6 points) and the dealer share (5 points, where lower is better). Each clear improvement adds a point and each clear deterioration subtracts one. Two or more points up grades Strong, one grades Solid, zero Average, minus one Soft, and two or more down Weak. Bidder data starts in 2009, so earlier auctions carry yields but no grade.

Why we track this

Treasury auctions are where the cost of the government's debt gets set in public. The United States now refinances trillions a year and pays more in interest than it spends on defense, so every auction that clears at a higher yield feeds straight into the deficit. A string of weak auctions is how a funding problem shows up before anyone in Washington admits to one.

That is the backdrop for bitcoin. Money printed to cover a debt the market will not absorb at a sane price is the story bitcoin was built to opt out of, and the auction calendar is where you can watch that pressure build week by week. Guests like Luke Gromen and Michael Howell have spent years on the show explaining why the bond market sets the terms, and our guide to the petrodollar covers how foreign demand for Treasuries got built in the first place.

Further reading from TFTC

More live data: daily Bitcoin ETF flows.

Frequently Asked Questions

What is a Treasury auction?
The US Treasury funds the government by selling new debt at scheduled public auctions. Notes (2, 3, 5, 7 and 10 years), bonds (20 and 30 years) and inflation-protected TIPS are sold on a fixed monthly calendar and are tracked on this page; bills (4 weeks to 1 year) auction weekly and have their own T-bill rates page. Bidders submit the yield they will accept; Treasury fills the offering from the lowest yield up, and everyone who wins pays the same highest accepted yield, called the stop-out or high yield.
When is the next Treasury auction?
The next scheduled note or bond auction is the 5-Year TIPS on Thursday, Oct 22, 2026, for $26B. Coupon auctions close for competitive bids at 1:00 pm Eastern, and results post within minutes. Upcoming auctions are listed on this page as soon as Treasury announces them, about a week ahead.
What time are Treasury auction results released?
Note, bond and TIPS auctions close to competitive bids at 1:00 pm Eastern (non-competitive bids at noon), and Treasury posts the results within minutes. Bill auctions close earlier, at 11:30 am Eastern. This page refreshes shortly after each close.
What was the result of the latest 10-year Treasury auction?
The Oct 7, 2026 10-year note auction (a reopening) sold $39B at a yield of 5.300%, the highest since November 2000. Bidders put in 2.77× the amount on offer, and primary dealers were left with 2.5% of the competitive award. Measured against the previous six 10-year auctions, demand grades strong.
What is the difference between the high yield, the interest rate and the investment rate?
The high yield is the auction's result: the highest yield Treasury accepted, which every winning bidder receives. The interest rate is the fixed coupon the note pays, set by rounding the high yield down to the nearest eighth of a percent, so the note usually sells a little below $100 to make up the difference. Bills pay no coupon; they are sold at a discount, and the investment rate is their yield expressed so it can be compared with a note or a savings rate.
Can I buy Treasuries at auction?
Yes. Individuals can place a non-competitive bid through TreasuryDirect or most brokerages, up to $10 million per auction, and receive whatever high yield the auction sets. You do not choose the rate; you accept the market's. This page shows what each auction cleared at, not a recommendation to buy.
What does bid-to-cover mean?
Bid-to-cover is the dollar value of all bids received divided by the amount sold. A 2.5× cover means bidders asked for two and a half times the offering. Higher is stronger demand, but every maturity has its own normal range, so this page compares each auction with the previous six of the same security instead of with a fixed number.
What is a tail in a Treasury auction?
A tail is the gap between the auction's stop-out yield and the when-issued yield the same security was trading at just before the 1:00 pm deadline. A positive tail means Treasury had to pay more than the market expected, a sign of weak demand; a negative one (a stop-through) signals strong demand. When-issued quotes come from the dealer market and Treasury does not publish them, so this page does not print tails. It grades demand on the measures Treasury does publish: bid-to-cover, the indirect bidder share, and how much the primary dealers were left holding.
Who are indirect bidders, direct bidders and primary dealers?
Indirect bidders place their bids through a primary dealer and include foreign central banks, many asset managers and other investors; the share is the market's usual read on foreign and institutional demand. Direct bidders bid straight into the auction for their own account. Primary dealers are the two dozen banks obliged to bid at every auction, so their share is what nobody else wanted. A high dealer take is the clearest sign of a weak sale.
Where does this data come from?
Every figure comes from the US Treasury: the Fiscal Data auctions dataset for the full history back to 2000, TreasuryDirect for same-day results and the upcoming schedule, and Treasury's official results announcements, linked on every auction. The demand grade and the comparisons are TFTC's own calculation from those numbers.

Data: US Department of the Treasury, via Fiscal Data (history since 2000) and TreasuryDirect (same-day results and the schedule). Bills, floating-rate notes, the 20-year TIPS (last sold in 2009) and three 2008 off-cycle reopenings are not included. Demand grades are TFTC's calculation. Full history available as open JSON (CC BY 4.0, cite TFTC), the newest result per security as latest.json. How the data is built: methodology and changelog. Not investment advice.

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