Treasury rates / Auctions
Who absorbs the debt: Treasury auctions since 1979
11,040 auction results from Treasury’s FiscalData API, 1979 to 2026: what was sold (bills, notes, bonds, TIPS since 1997, FRNs since 2014), how much was accepted, and how strongly it was bid. The step-changes in gross issuance after 2008 and again after 2020 are the fiscal history of the period, visible in a single chart.
Gross issuance accepted at auction, 1979–2026
Total accepted per calendar year, USD trillions, stacked by security class. Two step-changes stand out: gross issuance rose from $4.49T in 2007 to $8.50T in 2009 (the GFC deficits), and from $12.00T in 2019 to $20.97T in 2020 (the pandemic response), reaching $30.75T in 2025. Bills dominate the gross total because they mature and roll within a year; 1979 and 2026 are partial years (the record begins Oct 31, 1979; the latest result is Jul 16, 2026).
Source: U.S. Treasury FiscalData, Treasury Securities Auctions Data Sum of total_accepted by auction year and class; TIPS and FRNs are split out of notes/bonds by their source flags. Gross issuance, not net of redemptions. Methodology
Demand at auction: bid-to-cover since 2000
The bid-to-cover ratio is total bids received divided by the amount accepted; higher means stronger demand. Annual averages by security class. The field is effectively complete at source only from 2000 (7,791 of 7,797 records since then carry it, against only 35 of 3,249 earlier records), so the chart starts there rather than showing a false pre-2000 gap.
Source: U.S. Treasury FiscalData, Treasury Securities Auctions Data Unweighted annual mean of bid_to_cover_ratio per class. FRNs begin 2014; TIPS averages cover far fewer auctions per year than bills, so their line is noisier. Methodology
Demand by tenor: nominal notes and bonds
The class averages above mix maturities; this splits the nominal coupon curve into its seven original auction terms, with reopenings grouped under their original term (a 9-year 10-month reopening counts as 10-Year). In 2025 the 10-Year averaged 2.54x against a 2010–2019 average of 2.72x. The 20-Year line is empty between its 1986 suspension and the 2020 revival; 6 nominal note/bond results since 2000 on odd original terms (29-Year 9-Month and 30-Year 3-Month bonds) are excluded from the tenor grouping.
Source: U.S. Treasury FiscalData, Treasury Securities Auctions Data Unweighted annual mean of bid_to_cover_ratio per original_security_term; nominal notes and bonds only (TIPS and FRNs excluded). Methodology
How wide are the stops: high yield minus median yield
The dealer-convention auction tail (stop yield minus the when-issued rate at the bid deadline) is not in the published dataset, so it is not shown. What the results do publish is the median accepted yield next to the high: their spread, in basis points, is the width of the top half of the accepted-bid distribution, and it widens when the marginal buyer demands visibly more than the typical one. In 2025 the 10-Year averaged 5.7 bp vs 4.3 bp across 2010–2019. 1,614 of 1,614 tenor-grouped results since 2000 carry both fields.
Source: U.S. Treasury FiscalData, Treasury Securities Auctions Data The chart starts in 2000: every nominal note/bond result from then on carries auction_format Single-Price (the last Multi-Price note/bond auction in the record is 1998), so avg_med_yield is the median accepted yield throughout, per the source field definition. Methodology
Latest auction results
The 15 most recent auctions with published results, through Jul 16, 2026. Bills stop at a discount rate (marked d); notes, bonds and TIPS at a high yield; FRN auctions stop at a discount margin over 13-week bills (marked dm). Where the source publishes a median yield, the vs-median column shows the high-minus-median spread in basis points.
| Auction date | Class | Term | Stop rate | vs median | Bid-to-cover | Accepted |
|---|---|---|---|---|---|---|
| Jul 16, 2026 | Bill | 4-Week | 3.660% d | 2.57 | $116.45B | |
| Jul 16, 2026 | Bill | 8-Week | 3.650% d | 2.84 | $105.86B | |
| Jul 15, 2026 | Bill | 17-Week | 3.745% d | 3.35 | $76.22B | |
| Jul 14, 2026 | Bill | 6-Week | 3.640% d | 2.84 | $98.85B | |
| Jul 13, 2026 | Bill | 13-Week | 3.760% d | 2.84 | $95.73B | |
| Jul 13, 2026 | Bill | 26-Week | 3.860% d | 3.11 | $82.20B | |
| Jul 9, 2026 | Bond | 29-Year 10-Month | 5.058% | 5.1 bp | 2.44 | $24.29B |
| Jul 9, 2026 | Bill | 4-Week | 3.630% d | 2.64 | $106.19B | |
| Jul 9, 2026 | Bill | 8-Week | 3.635% d | 2.95 | $100.88B | |
| Jul 8, 2026 | Bill | 17-Week | 3.790% d | 3.41 | $76.46B | |
| Jul 8, 2026 | Note | 9-Year 10-Month | 4.580% | 5.0 bp | 2.59 | $43.06B |
| Jul 7, 2026 | Note | 3-Year | 4.179% | 4.5 bp | 2.60 | $64.03B |
| Jul 7, 2026 | Bill | 52-Week | 3.860% d | 3.14 | $54.76B | |
| Jul 7, 2026 | Bill | 6-Week | 3.635% d | 2.74 | $94.78B | |
| Jul 6, 2026 | Bill | 13-Week | 3.735% d | 2.58 | $96.88B |
Source: U.S. Treasury FiscalData, Treasury Securities Auctions Data d = high discount rate (bills); dm = high discount margin (FRNs); others show the auction high yield. vs median = (high_yield - avg_med_yield) x 100, yield auctions only. Accepted is total_accepted, par USD. Methodology
The five security classes in the record
FiscalData’s security_type field carries only Bill, Note and Bond; TIPS and FRNs are flagged by the inflation-indexed and floating-rate fields and split out here as their own classes, dated by their first auction in the record.
| Class | Auctions | First in record |
|---|---|---|
| Bill Bills | 8,280 | Dec 28, 1979 |
| Note Notes | 1,957 | Oct 31, 1979 |
| Bond Bonds | 390 | Nov 1, 1979 |
| TIPS TIPS | 267 | Jan 29, 1997 |
| FRN FRNs | 152 | Jan 29, 2014 |
Source: U.S. Treasury FiscalData, Treasury Securities Auctions Data Counts include every record, results and announcements alike. TIPS and FRN first-in-record dates match their real program launches (TIPS 1997, FRNs 2014). Methodology
Back to the yield curve, or see the methodology for the auction fields, the announcement-vs-result distinction, and units. Who holds the outstanding stock abroad, month by month, is on the sovereign USA page.