Treasury rates / Auctions
Who absorbs the debt: Treasury auctions since 1979
11,034 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 9, 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 (7,785 of 7,789 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
Latest auction results
The 15 most recent auctions with published results, through Jul 9, 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, a field this pull does not carry, so an FRN row shows no rate.
| Auction date | Class | Term | Stop rate | Bid-to-cover | Accepted |
|---|---|---|---|---|---|
| Jul 9, 2026 | Bond | 29-Year 10-Month | 5.058% | 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% | 2.59 | $43.06B |
| Jul 7, 2026 | Note | 3-Year | 4.179% | 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 |
| Jul 6, 2026 | Bill | 26-Week | 3.830% d | 3.05 | $83.20B |
| Jul 2, 2026 | Bill | 4-Week | 3.605% d | 2.72 | $88.19B |
| Jul 2, 2026 | Bill | 8-Week | 3.650% d | 2.70 | $88.19B |
| Jul 1, 2026 | Bill | 17-Week | 3.795% d | 2.66 | $74.70B |
| Jun 30, 2026 | Bill | 6-Week | 3.655% d | 2.71 | $85.18B |
| Jun 29, 2026 | Bill | 13-Week | 3.740% d | 2.32 | $97.96B |
Source: U.S. Treasury FiscalData, Treasury Securities Auctions Data d = high discount rate (bills); others show the auction high yield. 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 | 8,274 | Dec 28, 1979 |
| Note Notes | 1,957 | Oct 31, 1979 |
| Bond Bonds | 389 | Nov 1, 1979 |
| TIPS TIPS | 266 | 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.