The 20-Year Bond Auction is a long-term debt issuance by the U.S. Treasury, reintroduced to help manage the maturity profile of national debt. These bonds are particularly sensitive to long-term inflation expectations and are favored by insurance companies and pension funds for duration matching. The auction results provide a clear signal of long-term investor confidence in the economy.
The Treasury determines the yield through a competitive bidding process where the highest yield required to sell the entire issue becomes the 'stop-out' rate for all successful bidders.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Nov 20, 2025 | 7.46 | — | — |
