The US Treasury’s two-year note auction drew slightly below-average demand on October 26, 2026, as investors bid for $69 billion in securities at a high yield of 4.708%.
Two-year note auction demand
The auction’s bid-to-cover ratio was 2.59, below the 2.62 average for the previous 10 two-year note auctions. The ratio measures the amount bid for each dollar of securities offered, so the latest result represents $2.59 in bids for every $1 available.
In September, the Treasury also sold $69 billion in two-year notes. That auction drew a bid-to-cover ratio of 2.63 and a high yield of 4.787%.
Five- and seven-year results due
The Treasury is due to announce the results of its $70 billion five-year note auction on Tuesday, October 27, followed by the results of its $44 billion seven-year note auction on Thursday, October 29.
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