Treasury Auctions · Notes

2-Year Treasury Note Auctions

Every 2-year auction since January 2000: the yield Treasury paid, how many bids came in, and who ended up holding the debt.

Latest 2-year Auction

Tuesday, Sep 22, 2026

2-Year Note

Averagedemand vs previous six 2-year auctions

4.787%

stop-out yield · +58.3 bp vs prior auction · highest since May 2024

Size

$69B

2-Year

Bid-to-cover

2.63×

+0.02 vs avg 2.60×

Indirect bidders

57.8%

−0.8 pts vs avg

Dealers took

13.2%

+0.1 pts vs avg

The Sep 22, 2026 2-year note auction sold $69B at a yield of 4.787%, the highest since May 2024. Bidders put in 2.63× the amount on offer, and primary dealers were left with 13.2% of the competitive award. Measured against the previous six 2-year auctions, demand grades average.

Source: Treasury's official results announcement (PDF)

Highest on Record

6.749%

May 24, 2000

Lowest on Record

0.119%

Feb 23, 2021

Last 12 Months

13 auctions

2 above their recent run, 1 below

Auctions Tracked

321

219 graded since 2008

Stop-out yield at every auction

2Y10YAll

Bid-to-cover, last 24 auctions

Each dot is one auction, colored by its demand grade. The white tick is the average of the previous six auctions; the stem shows how far above or below it the auction landed.

Demand vs the series' previous six auctions:StrongSolidAverageSoftWeak

Who bought it

Share of each competitive award. When the blue band at the top grows, the dealers were left holding debt the rest of the market passed on.

■ indirect (incl. foreign central banks) · ■ direct · ■ primary dealers

Every 2-year auction

The 24 most recent 2-Year Treasury Note auctions
Date	Size	Yield	Chg	Cover	Indirect	Direct	Dealers	Demand	Official results
Sep 22, 2026	$69B	4.787%	+58.3 bp	2.63×+0.02	57.8%−0.8 pts	29.0%	13.2%+0.1 pts	Average	PDF
Aug 25, 2026	$69B	4.204%	−11.1 bp	2.60×−0.01	66.0%+9.1 pts	23.1%	10.9%−2.1 pts	Solid	PDF
Jul 27, 2026	$69B	4.315%	+12.6 bp	2.66×+0.03	56.6%−1.6 pts	34.1%	9.4%−3.3 pts	Average	PDF
Jun 23, 2026	$69B	4.189%	+11.8 bp	2.64×+0.03	55.5%−2.4 pts	34.3%	10.2%−2.8 pts	Average	PDF
May 26, 2026	$69B	4.071%	+25.9 bp	2.64×+0.02	57.6%−0.4 pts	30.1%	12.3%−0.5 pts	Average	PDF
Apr 27, 2026	$69B	3.812%	−12.4 bp	2.65×+0.05	56.5%−1.0 pts	31.6%	11.9%−0.9 pts	Average	PDF
Mar 24, 2026	$69B	3.936%	+48.1 bp	2.44×−0.18	59.4%+2.2 pts	16.5%	24.1%+13.4 pts	Weak	PDF
Feb 24, 2026	$69B	3.455%	−12.5 bp	2.63×±0.00	55.9%−1.5 pts	34.3%	9.8%−0.9 pts	Average	PDF
Jan 26, 2026	$69B r	3.580%	+8.1 bp	2.75×+0.15	64.4%+8.5 pts	28.3%	7.3%−3.8 pts	Solid	PDF
Dec 22, 2025	$69B	3.499%	+1 bp	2.54×−0.07	53.2%−3.9 pts	34.1%	12.7%+1.5 pts	Average	PDF
Nov 24, 2025	$69B	3.489%	−1.5 bp	2.68×+0.09	58.1%+0.1 pts	30.7%	11.2%+0.1 pts	Average	PDF
Oct 27, 2025	$69B	3.504%	−6.7 bp	2.59×+0.01	53.7%−4.7 pts	34.8%	11.6%+0.1 pts	Average	PDF
Sep 23, 2025	$69B	3.571%	−7 bp	2.51×−0.10	57.7%−3.6 pts	30.8%	11.5%+0.1 pts	Average	PDF
Aug 26, 2025	$69B	3.641%	−27.9 bp	2.69×+0.10	57.1%−9.0 pts	33.2%	9.7%−1.1 pts	Soft	PDF
Jul 28, 2025	$69B	3.920%	+13.4 bp	2.62×+0.03	55.3%−12.4 pts	34.4%	10.3%−1.1 pts	Soft	PDF
Jun 24, 2025	$69B	3.786%	−16.9 bp	2.58×−0.04	60.5%−10.8 pts	26.3%	13.2%+2.1 pts	Soft	PDF
May 27, 2025	$69B	3.955%	+16 bp	2.57×−0.08	63.3%−9.4 pts	26.2%	10.5%−0.4 pts	Soft	PDF
Apr 22, 2025	$69B	3.795%	−18.9 bp	2.52×−0.13	56.2%−16.9 pts	30.1%	13.7%+2.1 pts	Soft	PDF
Mar 25, 2025	$69B	3.984%	−18.5 bp	2.66×+0.02	75.8%+4.1 pts	13.6%	10.6%−1.3 pts	Average	PDF
Feb 24, 2025	$69B	4.169%	−4.2 bp	2.56×−0.09	85.5%+16.6 pts	7.6%	6.9%−5.9 pts	Strong	PDF
Jan 27, 2025	$69B	4.211%	−12.4 bp	2.66×−0.02	65.0%−5.8 pts	21.3%	13.7%+1.7 pts	Average	PDF
Dec 23, 2024	$69B	4.335%	+6.1 bp	2.73×+0.05	82.1%+14.0 pts	6.6%	11.3%−1.1 pts	Solid	PDF
Nov 25, 2024	$69B	4.274%	+14.4 bp	2.77×+0.15	71.6%+5.8 pts	19.2%	9.2%−4.4 pts	Average	PDF
Oct 28, 2024	$69B	4.130%	+61 bp	2.50×−0.15	58.2%−8.9 pts	23.8%	17.9%+4.8 pts	Weak	PDF

Show 297 earlier auctions, back to January 2000+

Earlier 2-Year Treasury Note auctions
Date	Size	Yield	Cover	Indirect	Dealers	Demand
Sep 24, 2024	$69B	3.520%	2.59×	67.6%	12.8%	Average
Aug 27, 2024	$69B	3.874%	2.68×	69.0%	11.9%	Average
Jul 23, 2024	$69B	4.434%	2.81×	76.6%	9.0%	Strong
Jun 25, 2024	$69B	4.706%	2.75×	65.6%	13.5%	Solid
May 28, 2024	$69B	4.917%	2.41×	57.9%	16.6%	Soft
Apr 23, 2024	$69B	4.898%	2.66×	66.2%	15.1%	Average
Mar 25, 2024	$66B	4.595%	2.62×	65.8%	13.4%	Average
Feb 26, 2024	$63B	4.691%	2.49×	65.2%	14.7%	Soft
Jan 23, 2024	$60B	4.365%	2.57×	65.3%	14.8%	Average
Dec 26, 2023	$57B	4.314%	2.68×	61.9%	18.6%	Average
Nov 27, 2023	$54B	4.887%	2.54×	57.4%	18.8%	Weak
Oct 24, 2023	$51B	5.055%	2.64×	62.0%	17.6%	Soft
Sep 26, 2023	$48B	5.085%	2.73×	65.0%	14.0%	Average
Aug 28, 2023	$45B	5.024%	2.94×	65.0%	15.0%	Solid
Jul 24, 2023	$42B	4.823%	2.78×	65.4%	13.8%	Average
Jun 26, 2023	$42B	4.670%	2.86×	68.5%	13.3%	Solid
May 23, 2023	$42B	4.300%	2.90×	68.2%	16.2%	Strong
Apr 25, 2023	$42B	3.969%	2.68×	61.2%	18.9%	Average
Mar 27, 2023	$42B	3.954%	2.44×	52.8%	23.0%	Soft
Feb 21, 2023	$42B	4.673%	2.61×	62.0%	15.0%	Solid
Jan 24, 2023	$42B	4.139%	2.94×	65.0%	16.3%	Strong
Dec 27, 2022	$42B	4.373%	2.71×	62.2%	19.1%	Strong
Nov 21, 2022	$42B	4.505%	2.64×	57.0%	20.6%	Average
Oct 25, 2022	$42B	4.460%	2.59×	50.5%	24.2%	Weak
Sep 26, 2022	$43B	4.290%	2.51×	53.0%	22.2%	Soft
Aug 23, 2022	$44B	3.307%	2.49×	59.7%	23.0%	Soft
Jul 25, 2022	$45B	3.015%	2.58×	62.0%	17.9%	Average
Jun 27, 2022	$46B	3.084%	2.51×	51.5%	23.2%	Soft
May 24, 2022	$47B	2.519%	2.61×	62.6%	15.4%	Solid
Apr 26, 2022	$48B	2.585%	2.74×	66.0%	12.6%	Strong
Mar 28, 2022	$50B	2.365%	2.46×	55.0%	19.4%	Solid
Feb 22, 2022	$52B	1.553%	2.64×	65.6%	15.6%	Strong
Jan 24, 2022	$54B	0.990%	2.81×	66.0%	24.6%	Strong
Dec 27, 2021	$56B	0.769%	2.55×	61.4%	24.2%	Solid
Nov 22, 2021	$58B	0.623%	2.36×	45.6%	37.2%	Weak
Oct 26, 2021	$60B	0.481%	2.69×	58.1%	19.6%	Strong
Sep 27, 2021	$60B	0.310%	2.28×	45.3%	33.0%	Weak
Aug 24, 2021	$60B	0.242%	2.65×	60.5%	18.3%	Strong
Jul 26, 2021	$60B	0.213%	2.47×	52.8%	26.0%	Average
Jun 22, 2021	$60B	0.249%	2.54×	50.6%	30.9%	Average
May 25, 2021	$60B	0.152%	2.74×	57.1%	24.9%	Strong
Apr 26, 2021	$60B	0.175%	2.34×	43.6%	37.9%	Weak
Mar 23, 2021	$60B	0.152%	2.54×	50.7%	31.7%	Average
Feb 23, 2021	$60B	0.119%	2.44×	57.3%	30.7%	Average
Jan 25, 2021	$60B	0.125%	2.67×	56.6%	27.7%	Strong
Dec 28, 2020	$58B	0.137%	2.45×	49.2%	33.3%	Average
Nov 23, 2020	$56B	0.165%	2.71×	46.0%	38.3%	Soft
Oct 27, 2020	$54B	0.151%	2.41×	52.4%	32.0%	Soft
Sep 22, 2020	$52B	0.136%	2.42×	52.5%	33.4%	Soft
Aug 25, 2020	$50B	0.155%	2.78×	57.6%	28.7%	Strong
Jul 27, 2020	$48B	0.155%	2.34×	45.8%	39.3%	Weak
Jun 23, 2020	$46B	0.193%	2.46×	52.0%	31.2%	Average
May 26, 2020	$44B	0.178%	2.68×	53.1%	32.1%	Average
Apr 27, 2020	$42B	0.229%	3.10×	55.8%	26.4%	Strong
Mar 24, 2020	$40B	0.398%	2.36×	55.2%	36.2%	Soft
Feb 25, 2020	$40B	1.188%	2.45×	46.2%	44.5%	Soft
Jan 27, 2020	$40B	1.440%	2.65×	49.1%	30.2%	Average
Dec 23, 2019	$40B	1.653%	2.30×	46.3%	32.2%	Soft
Nov 25, 2019	$40B	1.601%	2.63×	47.8%	23.1%	Solid
Oct 22, 2019	$40B	1.594%	2.70×	54.8%	31.2%	Solid
Sep 24, 2019	$40B	1.612%	2.64×	57.0%	27.1%	Solid
Aug 27, 2019	$40B	1.516%	2.60×	47.1%	32.5%	Average
Jul 23, 2019	$40B	1.825%	2.50×	43.5%	31.6%	Average
Jun 25, 2019	$40B	1.695%	2.58×	48.5%	27.3%	Solid
May 28, 2019	$40B	2.125%	2.75×	46.6%	26.2%	Strong
Apr 23, 2019 r	$40B	2.355%	2.51×	47.7%	36.5%	Average
Mar 26, 2019 r	$40B	2.261%	2.60×	56.0%	30.7%	Strong
Feb 25, 2019	$40B	2.503%	2.50×	38.6%	38.8%	Soft
Jan 28, 2019	$40B	2.600%	2.56×	53.4%	27.5%	Strong
Dec 24, 2018	$40B	2.619%	2.31×	45.0%	47.2%	Weak
Nov 26, 2018	$39B	2.836%	2.65×	44.9%	35.6%	Solid
Oct 23, 2018	$38B	2.880%	2.67×	52.6%	41.9%	Solid
Sep 24, 2018	$37B	2.829%	2.44×	40.0%	46.6%	Soft
Aug 27, 2018	$36B	2.655%	2.89×	43.8%	42.5%	Average
Jul 24, 2018	$35B	2.657%	2.92×	45.0%	40.7%	Average
Jun 26, 2018	$34B	2.538%	2.73×	42.3%	42.3%	Average
May 22, 2018	$33B	2.590%	2.88×	39.3%	45.4%	Weak
Apr 24, 2018	$32B	2.498%	2.61×	41.6%	43.1%	Soft
Mar 26, 2018	$30B	2.310%	2.91×	44.5%	41.3%	Average
Feb 20, 2018	$28B	2.255%	2.72×	46.3%	40.3%	Average
Jan 23, 2018	$26B	2.066%	3.22×	58.3%	25.8%	Strong
Dec 26, 2017	$26B	1.922%	2.52×	40.0%	45.5%	Weak
Nov 27, 2017	$26B	1.765%	2.73×	41.9%	41.2%	Weak
Oct 24, 2017 r	$26B	1.596%	2.74×	48.2%	37.7%	Weak
Sep 26, 2017	$26B	1.462%	2.88×	44.2%	36.8%	Weak
Aug 28, 2017	$26B	1.345%	2.86×	45.8%	41.6%	Weak
Jul 25, 2017	$26B	1.395%	3.06×	58.5%	24.6%	Strong
Jun 26, 2017	$26B	1.348%	3.03×	56.6%	25.0%	Strong
May 23, 2017	$26B	1.316%	2.90×	57.2%	30.4%	Strong
Apr 25, 2017 r	$26B	1.280%	2.85×	58.9%	29.7%	Strong
Mar 27, 2017	$26B	1.261%	2.73×	53.6%	35.7%	Strong
Feb 21, 2017	$26B	1.230%	2.82×	49.8%	30.1%	Strong
Jan 24, 2017	$26B	1.210%	2.68×	48.8%	41.9%	Strong
Dec 27, 2016	$26B	1.280%	2.44×	32.7%	58.0%	Weak
Nov 21, 2016	$26B	1.085%	2.73×	35.8%	50.8%	Soft
Oct 25, 2016	$26B	0.855%	2.53×	33.7%	56.2%	Weak
Sep 26, 2016	$26B	0.750%	2.65×	36.7%	44.4%	Weak
Aug 23, 2016	$26B	0.760%	2.83×	45.8%	29.0%	Solid
Jul 25, 2016	$26B	0.760%	2.52×	29.9%	59.8%	Weak
Jun 20, 2016	$26B	0.745%	2.72×	47.4%	42.7%	Soft
May 24, 2016	$26B	0.920%	3.00×	49.8%	17.7%	Strong
Apr 25, 2016	$26B	0.842%	2.64×	47.1%	38.4%	Soft
Mar 28, 2016	$26B	0.877%	2.58×	47.4%	37.4%	Soft
Feb 23, 2016 r	$26B	0.752%	2.91×	55.8%	33.4%	Strong
Jan 26, 2016	$26B	0.860%	2.90×	57.9%	29.8%	Solid
Dec 28, 2015	$26B	1.056%	2.80×	37.5%	35.4%	Weak
Nov 23, 2015	$26B	0.948%	3.15×	45.7%	35.3%	Average
Nov 4, 2015 r	$26B	0.824%	3.01×	40.0%	48.9%	Weak
Sep 22, 2015 r	$26B	0.699%	3.27×	43.2%	43.5%	Average
Aug 25, 2015 r	$26B	0.663%	3.16×	47.1%	42.6%	Soft
Jul 28, 2015	$26B	0.690%	3.42×	54.4%	27.8%	Strong
Jun 23, 2015	$26B	0.692%	3.28×	52.6%	37.2%	Strong
May 26, 2015 r	$26B	0.648%	3.40×	42.3%	40.5%	Average
Apr 27, 2015	$26B	0.540%	3.30×	38.1%	47.3%	Average
Mar 24, 2015	$26B	0.598%	3.46×	45.7%	36.0%	Solid
Feb 24, 2015	$26B	0.603%	3.45×	48.2%	38.5%	Strong
Jan 28, 2015	$26B	0.540%	3.74×	48.6%	42.6%	Strong
Dec 22, 2014	$27B	0.703%	3.21×	35.7%	49.8%	Soft
Nov 24, 2014	$28B	0.542%	3.71×	35.8%	48.0%	Solid
Oct 28, 2014	$29B	0.425%	3.11×	36.7%	47.2%	Solid
Sep 23, 2014	$29B	0.589%	3.56×	40.9%	43.0%	Strong
Aug 26, 2014	$29B	0.530%	3.48×	39.8%	48.0%	Solid
Jul 28, 2014	$29B	0.544%	3.22×	27.0%	58.7%	Soft
Jun 24, 2014	$30B	0.511%	3.23×	23.1%	53.6%	Soft
May 27, 2014	$31B	0.392%	3.52×	18.9%	55.9%	Weak
Apr 22, 2014	$32B	0.447%	3.35×	23.4%	57.7%	Weak
Mar 25, 2014	$32B	0.469%	3.20×	40.9%	37.5%	Solid
Feb 25, 2014	$32B	0.340%	3.60×	34.3%	46.4%	Strong
Jan 28, 2014	$32B	0.380%	3.30×	28.5%	49.2%	Average
Dec 17, 2013	$32B	0.345%	3.77×	21.5%	48.2%	Solid
Nov 25, 2013	$32B	0.300%	3.54×	22.5%	50.3%	Solid
Oct 28, 2013	$32B	0.323%	3.32×	29.0%	40.0%	Solid
Sep 24, 2013	$33B	0.348%	3.09×	24.0%	54.2%	Average
Aug 27, 2013	$34B	0.386%	3.21×	19.3%	54.6%	Average
Jul 23, 2013	$35B	0.336%	3.08×	30.4%	53.2%	Average
Jun 25, 2013	$35B	0.430%	3.05×	35.8%	56.3%	Average
May 28, 2013	$35B	0.283%	3.04×	21.9%	65.5%	Weak
Apr 23, 2013	$35B	0.233%	3.63×	20.7%	51.6%	Average
Mar 26, 2013	$35B	0.255%	3.27×	20.6%	57.6%	Weak
Feb 25, 2013	$35B	0.257%	3.33×	22.0%	46.4%	Soft
Jan 28, 2013	$35B	0.288%	3.77×	18.0%	52.0%	Soft
Dec 17, 2012	$35B	0.245%	3.59×	17.7%	53.9%	Weak
Nov 27, 2012	$35B	0.270%	4.07×	34.4%	41.9%	Strong
Oct 23, 2012	$35B	0.295%	4.02×	33.5%	28.3%	Strong
Sep 25, 2012	$35B	0.273%	3.60×	27.2%	55.3%	Soft
Aug 28, 2012	$35B	0.273%	3.94×	22.3%	61.6%	Soft
Jul 24, 2012	$35B	0.220%	4.00×	30.9%	59.2%	Solid
Jun 26, 2012	$35B	0.313%	3.62×	31.7%	60.4%	Average
May 22, 2012	$35B	0.300%	3.95×	33.5%	57.5%	Solid
Apr 24, 2012	$35B	0.270%	3.76×	32.1%	60.0%	Soft
Mar 27, 2012	$35B	0.340%	3.69×	34.3%	44.3%	Solid
Feb 21, 2012	$35B	0.310%	3.54×	35.8%	54.7%	Average
Jan 24, 2012	$35B	0.250%	3.75×	32.9%	58.8%	Average
Dec 19, 2011	$35B	0.240%	3.45×	21.6%	63.7%	Weak
Nov 21, 2011	$35B	0.280%	4.07×	42.2%	46.5%	Strong
Oct 25, 2011	$35B	0.281%	3.64×	39.2%	52.6%	Strong
Sep 27, 2011	$35B	0.249%	3.76×	36.7%	51.1%	Strong
Aug 23, 2011	$35B	0.222%	3.44×	31.6%	52.5%	Solid
Jul 26, 2011	$35B	0.417%	3.14×	27.7%	52.3%	Average
Jun 27, 2011	$35B	0.395%	3.08×	22.0%	64.5%	Weak
May 24, 2011	$35B	0.560%	3.46×	31.3%	49.6%	Solid
Apr 26, 2011	$35B	0.673%	3.06×	37.9%	48.8%	Average
Mar 28, 2011	$35B	0.789%	3.16×	33.0%	53.7%	Soft
Feb 22, 2011	$35B	0.745%	3.03×	31.3%	61.8%	Weak
Jan 25, 2011	$35B	0.650%	3.47×	27.0%	58.1%	Weak
Dec 27, 2010	$35B	0.740%	3.71×	22.6%	57.6%	Soft
Nov 22, 2010	$35B	0.520%	3.70×	38.3%	47.3%	Solid
Oct 26, 2010	$35B	0.400%	3.43×	40.0%	44.1%	Strong
Sep 27, 2010	$36B	0.441%	3.78×	39.0%	50.2%	Solid
Aug 24, 2010	$37B	0.498%	3.12×	29.2%	58.7%	Weak
Jul 27, 2010	$38B	0.665%	3.33×	32.8%	53.7%	Soft
Jun 22, 2010	$40B	0.738%	3.45×	41.4%	37.3%	Strong
May 25, 2010	$42B	0.769%	2.93×	36.2%	48.6%	Soft
Apr 27, 2010	$44B	1.024%	3.03×	31.0%	47.6%	Weak
Mar 23, 2010	$44B	1.000%	3.00×	34.8%	51.4%	Weak
Feb 23, 2010	$44B	0.895%	3.33×	53.6%	38.2%	Strong
Jan 26, 2010	$44B	0.880%	3.13×	43.1%	46.1%	Average
Dec 28, 2009	$44B	1.089%	2.91×	34.8%	45.7%	Weak
Nov 23, 2009	$44B	0.802%	3.16×	44.5%	50.8%	Soft
Oct 27, 2009	$44B	1.020%	3.63×	44.5%	29.4%	Strong
Sep 22, 2009	$43B	1.034%	3.23×	45.2%	43.0%	Strong
Aug 25, 2009	$42B	1.119%	2.68×	49.4%	47.1%	Solid
Jul 28, 2009	$42B	1.080%	2.75×	33.0%	62.9%	Weak
Jun 23, 2009	$40B	1.151%	3.19×	68.7%	27.7%	Strong
May 26, 2009	$40B	0.940%	2.94×	54.4%	43.3%	Strong
Apr 27, 2009	$40B	0.949%	2.72×	28.7%	65.8%	Average
Mar 24, 2009	$40B	0.949%	2.71×	53.1%	44.7%	Strong
Feb 24, 2009	$40B	0.961%	2.63×	28.1%	68.6%	Solid
Jan 27, 2009	$40B	0.925%	2.69×	34.6%	62.5%	Solid
Dec 22, 2008	$38B	0.922%	2.13×	30.4%	68.2%	Soft
Nov 24, 2008	$36B	1.269%	2.08×	34.9%	63.7%	Soft
Oct 28, 2008	$34B	1.600%	2.49×	42.0%	57.9%	Strong
Sep 24, 2008	$34B	2.115%	2.21×	27.9%	63.2%	Solid
Aug 27, 2008	$32B	2.380%	2.18×	29.5%	69.4%	Soft
Jul 23, 2008	$31B	2.820%	2.42×	36.9%	62.1%	Strong
Jun 24, 2008	$30B	2.922%	2.64×	28.5%	71.1%	—
May 28, 2008	$30B	2.640%	2.28×	22.4%	76.6%	—
Apr 23, 2008	$30B	2.225%	2.21×	33.6%	65.8%	—
Mar 26, 2008	$28B	1.761%	2.44×	—	—	—
Feb 27, 2008	$26B	2.045%	2.14×	—	—	—
Jan 28, 2008	$24B	2.237%	2.33×	—	—	—
Dec 26, 2007	$22B	3.285%	2.23×	—	—	—
Nov 28, 2007	$20B	3.159%	2.21×	—	—	—
Oct 24, 2007	$20B	3.723%	2.86×	—	—	—
Sep 26, 2007	$18B	4.000%	3.29×	—	—	—
Aug 29, 2007	$18B	4.115%	3.97×	—	—	—
Jul 25, 2007	$18B	4.735%	2.59×	—	—	—
Jun 26, 2007	$18B	4.906%	2.80×	—	—	—
May 29, 2007	$18B	4.886%	2.53×	—	—	—
Apr 25, 2007	$18B	4.606%	2.93×	—	—	—
Mar 28, 2007	$18B	4.514%	2.81×	—	—	—
Feb 21, 2007	$18B	4.830%	3.04×	—	—	—
Jan 24, 2007	$20B	4.930%	3.03×	—	—	—
Dec 27, 2006	$20B	4.765%	2.46×	—	—	—
Nov 28, 2006	$20B	4.692%	3.02×	—	—	—
Oct 24, 2006	$20B	4.894%	2.91×	—	—	—
Sep 27, 2006	$20B	4.660%	2.77×	—	—	—
Aug 29, 2006	$22B	4.921%	2.32×	—	—	—
Jul 26, 2006	$22B	5.090%	2.03×	—	—	—
Jun 27, 2006	$22B	5.239%	2.28×	—	—	—
May 24, 2006	$22B	4.933%	2.58×	—	—	—
Apr 26, 2006	$22B	4.975%	2.05×	—	—	—
Mar 27, 2006	$22B	4.730%	2.12×	—	—	—
Feb 22, 2006	$22B	4.689%	2.24×	—	—	—
Jan 25, 2006	$22B	4.427%	2.11×	—	—	—
Dec 29, 2005	$20B	4.404%	2.42×	—	—	—
Nov 23, 2005	$20B	4.349%	2.16×	—	—	—
Oct 26, 2005	$20B	4.365%	2.21×	—	—	—
Sep 28, 2005	$20B	4.095%	2.58×	—	—	—
Aug 24, 2005	$20B	4.014%	2.28×	—	—	—
Jul 27, 2005	$20B	3.975%	2.38×	—	—	—
Jun 29, 2005	$20B	3.650%	2.23×	—	—	—
May 25, 2005	$22B	3.615%	2.36×	—	—	—
Apr 27, 2005	$24B	3.650%	1.77×	—	—	—
Mar 30, 2005	$24B	3.860%	2.03×	—	—	—
Feb 24, 2005	$24B	3.498%	1.93×	—	—	—
Jan 26, 2005	$24B	3.245%	2.01×	—	—	—
Dec 29, 2004	$24B	3.120%	2.00×	—	—	—
Nov 23, 2004	$24B	2.945%	2.61×	—	—	—
Oct 27, 2004	$24B	2.590%	1.93×	—	—	—
Sep 29, 2004	$24B	2.620%	2.20×	—	—	—
Aug 25, 2004	$24B	2.494%	2.19×	—	—	—
Jul 28, 2004	$24B	2.797%	2.36×	—	—	—
Jun 23, 2004	$25B	2.785%	2.17×	—	—	—
May 26, 2004	$25B	2.538%	2.32×	—	—	—
Apr 28, 2004	$26B	2.270%	2.11×	—	—	—
Mar 24, 2004	$26B	1.520%	2.18×	—	—	—
Feb 25, 2004	$26B	1.675%	2.43×	—	—	—
Jan 29, 2004	$26B	1.930%	1.87×	—	—	—
Dec 23, 2003	$26B	1.950%	2.15×	—	—	—
Nov 26, 2003	$26B	1.939%	1.75×	—	—	—
Oct 29, 2003	$26B	1.737%	2.12×	—	—	—
Sep 24, 2003	$25B	1.695%	2.20×	—	—	—
Aug 27, 2003	$25B	2.040%	1.73×	—	—	—
Jul 23, 2003	$25B	1.510%	1.80×	—	—	—
Jun 25, 2003	$25B	1.179%	1.84×	—	—	—
May 29, 2003	$25B	1.305%	1.77×	—	—	—
Apr 23, 2003	$27B	1.704%	2.16×	—	—	—
Mar 26, 2003	$27B	1.692%	1.84×	—	—	—
Feb 26, 2003	$27B	1.575%	2.00×	—	—	—
Jan 29, 2003	$27B	1.710%	1.48×	—	—	—
Dec 23, 2002	$27B	1.820%	1.89×	—	—	—
Nov 27, 2002	$27B	2.120%	1.77×	—	—	—
Oct 23, 2002	$27B	2.140%	1.69×	—	—	—
Sep 25, 2002	$27B	1.960%	2.00×	—	—	—
Aug 28, 2002	$27B	2.220%	2.26×	—	—	—
Jul 24, 2002	$27B	2.270%	1.56×	—	—	—
Jun 28, 2002	$27B	2.970%	1.31×	—	—	—
May 29, 2002	$27B	3.274%	2.69×	—	—	—
Apr 24, 2002	$25B	3.375%	2.00×	—	—	—
Mar 27, 2002	$25B	3.705%	1.96×	—	—	—
Feb 27, 2002	$25B	3.059%	1.81×	—	—	—
Jan 23, 2002	$25B	3.039%	1.54×	—	—	—
Dec 27, 2001	$23B	3.300%	2.40×	—	—	—
Nov 28, 2001	$21B	3.008%	1.51×	—	—	—
Oct 24, 2001	$19B	2.770%	2.27×	—	—	—
Sep 26, 2001	$17B	2.869%	2.42×	—	—	—
Aug 29, 2001	$14B	3.685%	2.17×	—	—	—
Jul 25, 2001	$12B	3.965%	2.46×	—	—	—
Jun 27, 2001	$11B	3.990%	2.26×	—	—	—
May 30, 2001	$10B	4.327%	2.59×	—	—	—
Apr 25, 2001	$10B	4.124%	2.69×	—	—	—
Mar 28, 2001	$11B	4.300%	2.79×	—	—	—
Feb 21, 2001	$11B	4.685%	2.38×	—	—	—
Jan 24, 2001	$10B	4.760%	2.63×	—	—	—
Dec 27, 2000	$10B	5.130%	2.51×	—	—	—
Nov 29, 2000	$10B	5.695%	3.14×	—	—	—
Oct 25, 2000 r	$10B	5.845%	2.68×	—	—	—
Sep 27, 2000	$10B	6.002%	2.93×	—	—	—
Aug 23, 2000	$10B	6.204%	2.69×	—	—	—
Jul 26, 2000	$10B	6.284%	2.63×	—	—	—
Jun 28, 2000	$10B	6.483%	2.70×	—	—	—
May 24, 2000	$10B	6.749%	2.52×	—	—	—
Apr 26, 2000	$12B	6.484%	2.31×	—	—	—
Mar 29, 2000	$12B	6.580%	2.57×	—	—	—
Feb 23, 2000	$12B	6.590%	2.66×	—	—	—
Jan 26, 2000	$14B	6.434%	2.03×	—	—	—

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, bluefor weaker. r = reopening of an existing issue. PDF = Treasury's official results.

Frequently Asked Questions

What yield did the last 2-year auction clear at?

When is the next 2-year auction?

Treasury has not announced the next 2-year auction yet; it does so about a week ahead. Treasury held 13 of these auctions in the last twelve months: 12 new issues (February, March, April, May, June, July, August, September, October, November and December) and 1 reopening of an existing one. This page lists it as soon as it is announced.

What is the highest yield at a 2-year auction since 2000?

6.749%, on May 24, 2000. The lowest was 0.119% on Feb 23, 2021. The record on this page starts with the January 2000 auction.

How often does Treasury auction the 2-year?

Treasury held 13 of these auctions in the last twelve months: 12 new issues (February, March, April, May, June, July, August, September, October, November and December) and 1 reopening of an existing one. A reopening sells more of an existing security, with the same maturity date and coupon, instead of creating a new one.

Data: US Department of the Treasury (Fiscal Data and TreasuryDirect). Demand grades are TFTC's calculation; the method is on the Treasury auctions tracker. Full history as open JSON (CC BY 4.0). Not investment advice.