The 2-Year Floating Rate Note (FRN) auction represents the sale of U.S. government debt securities whose interest payments are adjusted periodically based on the prevailing 13-week Treasury bill rate. Unlike fixed-rate notes, FRNs offer protection against rising interest rates, making them attractive during periods of monetary tightening. The auction results, including the high discount margin and bid-to-cover ratio, indicate investor appetite for variable-rate government debt. Analysts use this data to gauge market expectations for the path of short-term interest rates.
The U.S. Treasury conducts a Dutch auction where competitive and non-competitive bids are accepted. The final spread (discount margin) is determined by the highest yield at which the total offering is sold.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Sep 23, 2026 | 0.04 | — | — |
| Aug 26, 2026 | 0.06 | — | — |
| Jul 29, 2026 | 0.05 | — | — |
| Mar 25, 2026 | 0.12 | — | — |
| Dec 23, 2025 | 0.14 | — | — |
| Nov 25, 2025 | 0.17 | — | — |
| Oct 29, 2025 | 0.19 | — | — |
| Sep 24, 2025 | 0.20 | — | — |
| Aug 27, 2025 | 0.20 | — | — |
| Jul 29, 2025 | 0.16 | — | — |
| Jun 25, 2025 | 0.16 | — | — |
| May 28, 2025 | 0.14 | — | — |
| Apr 23, 2025 | 0.16 | — | — |
| Mar 26, 2025 | 0.10 | — | — |
| Feb 26, 2025 | 0.09 | — | — |
| Jan 28, 2025 | 0.10 | — | — |
| Dec 24, 2024 | 0.14 | — | — |
| Nov 26, 2024 | 0.17 | — | — |
| Oct 29, 2024 | 0.20 | — | — |
| Sep 25, 2024 | 0.26 | — | — |
| Aug 28, 2024 | 0.23 | — | — |
| Jul 24, 2024 | 0.18 | — | — |
| Jun 26, 2024 | 0.15 | — | — |
| May 29, 2024 | 0.14 | — | — |
| Apr 24, 2024 | 0.15 | — | — |
| Mar 27, 2024 | 0.19 | — | — |
| Feb 21, 2024 | 0.20 | — | — |
| Jan 24, 2024 | 0.24 | — | — |
| Nov 21, 2023 | 0.20 | — | — |
| Oct 25, 2023 | 0.17 | — | — |
| Sep 27, 2023 | 0.18 | — | — |
| Aug 23, 2023 | 0.17 | — | — |
| Jul 26, 2023 | 0.13 | — | — |
| Jun 28, 2023 | 0.13 | — | — |
| May 24, 2023 | 0.17 | — | — |
| Apr 26, 2023 | 0.17 | — | — |
| Mar 29, 2023 | 0.19 | — | — |
| Feb 22, 2023 | 0.16 | — | — |
| Jan 25, 2023 | 0.20 | — | — |
| Dec 28, 2022 | 0.24 | — | — |
| Nov 22, 2022 | 0.22 | — | — |
| Oct 26, 2022 | 0.14 | — | — |
| Sep 28, 2022 | 0.09 | — | — |
| Aug 24, 2022 | 0.09 | — | — |
| Jul 27, 2022 | 0.04 | — | — |
| Jun 22, 2022 | -0.00 | — | — |
| Apr 27, 2022 | -0.07 | — | — |
| Mar 23, 2022 | -0.06 | — | — |
| Feb 23, 2022 | -0.05 | — | — |
| Jan 26, 2022 | -0.01 | — | — |
The latest reading is 2.4 standard deviations below the mean.
