Treasury Auctions · Bills, Notes & Bonds
ReleasedThroughout the month · 11:30 AM / 1:00 PM ET
FrequencyRegular (weekly to quarterly by tenor)
SourceU.S. Treasury
Definition
The U.S. Treasury sells debt — short-term bills, medium-term notes and long-term bonds — through regular competitive auctions to fund the government.
Why investors care
Auction demand sets the cost of government borrowing and ripples across the entire yield curve and risk markets.
What to watch
Watch the auction “tail” (stop yield vs the when-issued level), the bid-to-cover ratio and the indirect (foreign) take-down for demand strength.