Markets & Economy · Treasuries
Treasuries
The live Treasury yield curve, rate history and spreads, and results from every recent Treasury auction: how much was sold and how strong demand was.
Treasury yield curve daily par yields from the U.S. Treasury
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Latest yields and changes
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bp = basis points (hundredths of a percentage point). Green = yield up, red = yield down. Treasury publishes these after about 6 p.m. ET each business day.
Rate history
Left: yields. Right: yield-curve spreads; below zero means inverted. Gray bars are recessions. Drag to zoom, double-click to reset. Every series is also in Economic data.
Treasury auction results
| Auction | Security | Offered | Bids | Over-subscribed by | Bid-to-cover | High yield / rate | vs. market (bp) | Indirect | Direct | Dealers | Demand |
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How to read an auction
- Offered is the amount Treasury set out to sell. Bids is how much investors asked to buy. Over-subscribed by is the difference.
- Bid-to-cover = bids ÷ amount sold. Higher means more demand. It’s most useful compared with recent auctions of the same security, so the arrow shows the change against the previous six.
- Tail vs. stop-through: traders compare the auction’s high yield with the “when-issued” yield trading just before the 1 p.m. deadline. Treasury doesn’t publish that figure, so this page compares with Treasury’s end-of-day yield for the same maturity. That’s a rough guide: positive means the auction cleared at a higher yield than the market (a tail, weaker); negative means lower (a stop-through, stronger).
- Who bought: indirect bidders (often foreign official buyers), direct bidders (U.S. institutions) and primary dealers, who are obliged to bid and absorb what others don’t take.
- Demand combines bid-to-cover versus recent auctions and the yield versus the market. It is a simple rule of thumb, not an official rating.