The 2-Year Note Auction represents the sale of U.S. Treasury notes with a two-year maturity period. The yield determined at this auction is a critical benchmark for short-term interest rates and reflects investor expectations regarding Federal Reserve policy. A high bid-to-cover ratio indicates strong demand for government debt, while the yield spread compared to previous auctions shows shifts in the economic outlook. Investors watch this event closely to gauge the market's appetite for short-term risk-free assets.
The auction is conducted via a Dutch auction process where the lowest yield that allows the Treasury to sell the entire offered amount becomes the high yield. All successful bidders receive the same yield, and the results are evaluated based on the bid-to-cover ratio and the percentage of indirect bidders.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Jul 27, 2026 | 4.32 | — | — |
| Jun 23, 2026 | 4.19 | — | — |
| May 26, 2026 | 4.07 | — | — |
| Apr 27, 2026 | 3.81 | — | — |
| Mar 24, 2026 | 3.94 | — | — |
| Feb 24, 2026 | 3.46 | — | — |
| Jan 26, 2026 | 3.58 | — | — |
| Dec 22, 2025 | 3.50 | — | — |
| Nov 24, 2025 | 3.49 | — | — |
| Oct 27, 2025 | 3.50 | — | — |
| Sep 23, 2025 | 3.56 | — | — |
| Aug 26, 2025 | 3.64 | — | — |
| Jul 28, 2025 | 3.92 | — | — |
| Jun 24, 2025 | 3.79 | — | — |
| May 27, 2025 | 3.96 | — | — |
| Apr 22, 2025 | 3.79 | — | — |
| Mar 25, 2025 | 3.98 | — | — |
| Feb 24, 2025 | 4.17 | — | — |
| Jan 27, 2025 | 4.21 | — | — |
| Dec 23, 2024 | 4.33 | — | — |
| Nov 25, 2024 | 4.27 | — | — |
| Oct 28, 2024 | 4.13 | — | — |
| Sep 24, 2024 | 3.52 | — | — |
| Aug 27, 2024 | 3.87 | — | — |
| Jul 23, 2024 | 4.43 | — | — |
| Jun 25, 2024 | 4.71 | — | — |
| May 28, 2024 | 4.92 | — | — |
| Apr 23, 2024 | 4.90 | — | — |
| Mar 25, 2024 | 4.59 | — | — |
| Feb 26, 2024 | 4.69 | — | — |
| Jan 23, 2024 | 4.37 | — | — |
| Dec 26, 2023 | 4.31 | — | — |
| Nov 27, 2023 | 4.89 | — | — |
| Oct 24, 2023 | 5.05 | — | — |
| Sep 26, 2023 | 5.08 | — | — |
| Aug 28, 2023 | 5.02 | — | — |
| Jul 24, 2023 | 4.82 | — | — |
| Jun 26, 2023 | 4.67 | — | — |
| May 23, 2023 | 4.30 | — | — |
| Apr 25, 2023 | 3.97 | — | — |
| Mar 27, 2023 | 3.95 | — | — |
| Feb 21, 2023 | 4.67 | — | — |
| Jan 24, 2023 | 4.14 | — | — |
| Dec 27, 2022 | 4.37 | — | — |
| Nov 21, 2022 | 4.50 | — | — |
| Oct 25, 2022 | 4.46 | — | — |
| Sep 26, 2022 | 4.29 | — | — |
| Aug 23, 2022 | 3.31 | — | — |
| Jul 25, 2022 | 3.02 | — | — |
| Jun 27, 2022 | 3.08 | — | — |
