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Vol. I, No. 6 Afternoon Edition

The Fed Gazette

A civic journal of money and credit

Live Federal Reserve rates, FOMC decisions, speeches, and Treasury data, with every figure copied from the agency that published it.

Treasury data

Treasury Note Auction Results: 2- to 10-Year Notes

The most recent Treasury note auction in the snapshot was the 3-Year Treasury note on Oct 6, 2026, with a high yield of 4.932% and a bid-to-cover ratio of 2.620, according to the Treasury’s Fiscal Data auction file.

Source: U.S. Department of the Treasury, Fiscal Data, Treasury securities auctions · Published · Updated

Recent Treasury note auction results copied from Fiscal Data, with the high yield and bid-to-cover over time and a page for each term.

Treasury Note auction rates and bid-to-cover over time

High yield at Treasury note auctions

One point per auction, percent, as Treasury published it. This is the highest yield accepted. Auctions of other terms are in the table.

1.00%2.00%3.00%4.00%5.00%6.00%Oct 25Jan 26Apr 26Jul 261.00%2.00%3.00%4.00%5.00%6.00%Oct 25Jan 26Apr 26Jul 26
-2.00%0.00%2.00%4.00%6.00%20222023202420252026-2.00%0.00%2.00%4.00%6.00%20222023202420252026
-2.00%0.00%2.00%4.00%6.00%20222023202420252026-2.00%0.00%2.00%4.00%6.00%20222023202420252026
  • 2-Year 4.787% Sep 22, 2026
  • 5-Year 5.033% Sep 23, 2026
  • 7-Year 5.085% Sep 24, 2026
  • 10-Year 4.683% Aug 12, 2026

Source: U.S. Department of the Treasury, Fiscal Data, Treasury securities auctions, standard terms · as of · retrieved

Data
High yield in percent for the most recent auctions of 2-Year
Auction dateHigh yield
Sep 22, 20264.787%
Aug 25, 20264.204%
Jul 27, 20264.315%
Jun 23, 20264.189%
May 26, 20264.071%
Apr 27, 20263.812%
Mar 24, 20263.936%
Feb 24, 20263.455%
Jan 26, 20263.580%
Dec 22, 20253.499%
Nov 24, 20253.489%
Oct 27, 20253.504%
Bid-to-cover at Treasury note auctions

One point per auction. The ratio is the figure Treasury published, shown to three decimal places. A higher ratio means more bids were received for each dollar sold.

2.002.503.003.504.00Oct 25Jan 26Apr 26Jul 262.002.503.003.504.00Oct 25Jan 26Apr 26Jul 26
2.002.503.003.504.00202220232024202520262.002.503.003.504.0020222023202420252026
2.002.503.003.504.00202220232024202520262.002.503.003.504.0020222023202420252026
  • 2-Year 2.630 Sep 22, 2026
  • 5-Year 2.210 Sep 23, 2026
  • 7-Year 2.420 Sep 24, 2026
  • 10-Year 2.530 Aug 12, 2026

Source: U.S. Department of the Treasury, Fiscal Data, Treasury securities auctions, standard terms · as of · retrieved

Data
Bid-to-cover for the most recent auctions of 2-Year
Auction dateBid-to-cover
Sep 22, 20262.630
Aug 25, 20262.600
Jul 29, 20263.370
Jul 27, 20262.660
Jun 23, 20262.640
May 26, 20262.640
Apr 28, 20263.520
Apr 27, 20262.650
Mar 24, 20262.440
Feb 24, 20262.630
Jan 28, 20263.160
Jan 26, 20262.750

Treasury Note results by term

Recent Treasury note auctions

Auction dateSecurityCUSIPOffering amountHigh rate or yieldAverage median yieldBid-to-coverInterest rate
Oct 6, 20263-Year Note91282CRQ6$58,000,000,0004.932%4.880%2.6204.875%
Sep 24, 20267-Year Note91282CRM5$44,000,000,0005.085%5.019%2.4205.000%
Sep 23, 20261-Year 10-Month Note91282CRD5$28,000,000,0002.630
Sep 23, 20265-Year Note91282CRN3$70,000,000,0005.033%4.950%2.2105.000%
Sep 22, 20262-Year Note91282CRP8$69,000,000,0004.787%4.738%2.6304.750%
Sep 17, 20269-Year 10-Month Note91282CRE3$19,000,000,0002.653%2.577%2.2402.375%
Sep 9, 20269-Year 11-Month Note91282CRF0$39,000,000,0004.834%4.769%2.7104.625%
Sep 8, 20263-Year Note91282CRL7$58,000,000,0004.474%4.430%2.7204.375%
Aug 27, 20267-Year Note91282CRJ2$44,000,000,0004.512%4.460%2.5004.500%
Aug 26, 20261-Year 11-Month Note91282CRD5$28,000,000,0003.140
Aug 26, 20265-Year Note91282CRK9$70,000,000,0004.393%4.340%2.3704.375%
Aug 25, 20262-Year Note91282CRH6$69,000,000,0004.204%4.157%2.6004.125%
Aug 12, 202610-Year Note91282CRF0$42,000,000,0004.683%4.630%2.5304.625%
Aug 11, 20263-Year Note91282CRG8$58,000,000,0004.291%4.243%2.7104.250%
Jul 29, 20262-Year Note91282CRD5$30,000,000,0003.370
Jul 28, 20267-Year Note91282CRC7$44,000,000,0004.473%4.405%2.4904.375%
Jul 27, 20262-Year Note91282CRB9$69,000,000,0004.315%4.270%2.6604.250%
Jul 27, 20265-Year Note91282CRA1$70,000,000,0004.408%4.343%2.2804.375%
Jul 23, 202610-Year Note91282CRE3$21,000,000,0002.438%2.370%2.3002.375%
Jul 7, 20263-Year Note91282CQZ7$58,000,000,0004.179%4.134%2.6004.125%
Jun 25, 20267-Year Note91282CQW4$44,000,000,0004.260%4.200%2.5004.250%
Jun 24, 20265-Year Note91282CQX2$70,000,000,0004.200%4.135%2.3504.125%
Jun 23, 20262-Year Note91282CQY0$69,000,000,0004.189%4.138%2.6404.125%
Jun 9, 20263-Year Note91282CQV6$58,000,000,0004.192%4.147%2.6404.125%
May 28, 20267-Year Note91282CQT1$44,000,000,0004.290%4.240%2.5204.250%

As of Oct 6, 2026 · Rates and bid-to-cover are shown to three decimal places. Blank cells are fields the feed left empty · U.S. Department of the Treasury · Fiscal Data, Treasury securities auctions · Retrieved

How Treasury notes are auctioned, in plain English

The Treasury borrows by selling bills, notes, and bonds at auction on a published schedule. Investors bid, the Treasury accepts bids from the lowest rate upward until it has raised the amount offered, and the results are published as soon as the auction closes.

Offering amount
How many dollars of the security the Treasury offered at that auction.
High yield
For a note or bond, the highest yield accepted at the auction.
Average median yield
A second yield measure that Treasury publishes in the Fiscal Data auction file. This paper prints it as the file gives it.
Interest rate
The fixed rate the security pays, shown for a note or bond once it has been set.
Bid-to-cover
The ratio Treasury publishes for demand at the auction: bids received compared with the amount sold. A higher ratio means more bids for each dollar offered. This paper shows the published ratio to three decimal places and does not compute it.
CUSIP
The nine-character identifier of the security.

Treasury Note auction questions answered

What were the latest Treasury note auction results?

The most recent Treasury note auction in the snapshot was the 3-Year Treasury note on Oct 6, 2026, with a high yield of 4.932% and a bid-to-cover ratio of 2.620, according to the Treasury’s Fiscal Data auction file.

Which auction results does this page show?

The results in the Treasury’s Fiscal Data auction file, for bills, notes, and bonds. Treasury also auctions inflation-protected securities and floating rate notes; this page lists only what its snapshot holds.

Why do some auctions have an odd term, like 9-Year 11-Month?

The Treasury sometimes sells more of an existing security, called a reopening, and labels it with the time left until it matures. The table shows the term exactly as the feed labels it.