Treasury Auction Schedule
The US Treasury sells bills, notes and bonds on a published, highly regular cycle: bills every week, the 3-year, 10-year and 30-year in the middle of each month, and the 2-year, 5-year and 7-year in the final week. Auction results — the stop-out yield, the tail against when-issued, the bid-to-cover ratio and indirect bidder share — are one of the cleanest live reads on demand for US government debt, and a soft 10-year or 30-year sale can move global yields within seconds.
When is the next Treasury auction?
The next scheduled coupon auction is the 7-year note on Thu, 24 Sept 2026, with bidding closing at 1:00pm ET (6:00pm UK). Treasury bills are auctioned every week alongside it. Historically the most prone to soft demand and tails.
Upcoming note & bond auctions
| Auction date | Security | Close (ET) | Cycle | Why it matters |
|---|---|---|---|---|
| Thu, 24 Sept 2026 | 7-year note | 1:00pm | End-of-month | Historically the most prone to soft demand and tails. |
| Tue, 29 Sept 2026 | 2-year note | 1:00pm | End-of-month | A direct read on how the market prices the next few FOMC meetings. |
| Wed, 30 Sept 2026 | 5-year note | 1:00pm | End-of-month | The belly of the curve — watch indirect (foreign) bidder share. |
| Thu, 8 Oct 2026 | 30-year bond | 1:00pm | Mid-month | Thinnest demand; weak tails hit long-duration assets hardest. |
| Tue, 13 Oct 2026 | 3-year note | 1:00pm | Mid-month | Most sensitive to near-term Fed pricing. |
| Wed, 14 Oct 2026 | 10-year note | 1:00pm | Mid-month | The benchmark auction — the one that moves global rates. |
| Tue, 27 Oct 2026 | 2-year note | 1:00pm | End-of-month | A direct read on how the market prices the next few FOMC meetings. |
| Wed, 28 Oct 2026 | 5-year note | 1:00pm | End-of-month | The belly of the curve — watch indirect (foreign) bidder share. |
| Thu, 29 Oct 2026 | 7-year note | 1:00pm | End-of-month | Historically the most prone to soft demand and tails. |
| Tue, 10 Nov 2026 | 3-year note | 1:00pm | Mid-month | Most sensitive to near-term Fed pricing. |
| Wed, 11 Nov 2026 | 10-year note | 1:00pm | Mid-month | The benchmark auction — the one that moves global rates. |
| Thu, 12 Nov 2026 | 30-year bond | 1:00pm | Mid-month | Thinnest demand; weak tails hit long-duration assets hardest. |
| Tue, 24 Nov 2026 | 2-year note | 1:00pm | End-of-month | A direct read on how the market prices the next few FOMC meetings. |
| Wed, 25 Nov 2026 | 5-year note | 1:00pm | End-of-month | The belly of the curve — watch indirect (foreign) bidder share. |
| Thu, 26 Nov 2026 | 7-year note | 1:00pm | End-of-month | Historically the most prone to soft demand and tails. |
| Tue, 8 Dec 2026 | 3-year note | 1:00pm | Mid-month | Most sensitive to near-term Fed pricing. |
| Wed, 9 Dec 2026 | 10-year note | 1:00pm | Mid-month | The benchmark auction — the one that moves global rates. |
| Thu, 10 Dec 2026 | 30-year bond | 1:00pm | Mid-month | Thinnest demand; weak tails hit long-duration assets hardest. |
| Tue, 29 Dec 2026 | 2-year note | 1:00pm | End-of-month | A direct read on how the market prices the next few FOMC meetings. |
| Wed, 30 Dec 2026 | 5-year note | 1:00pm | End-of-month | The belly of the curve — watch indirect (foreign) bidder share. |
| Thu, 31 Dec 2026 | 7-year note | 1:00pm | End-of-month | Historically the most prone to soft demand and tails. |
Dates follow Treasury's standard auction cycle and are indicative. Each auction is confirmed in Treasury's official announcement about a week ahead, and dates shift around federal holidays, quarterly refunding changes and cash-management bill additions.
Weekly Treasury bill auction cadence
| Day | Securities | Close (ET) | Notes |
|---|---|---|---|
| Monday | 13-week & 26-week bills | 11:30am | The weekly anchor of front-end funding. |
| Tuesday | 6-week bill | 11:30am | Cash-management style tenor, run most weeks. |
| Tuesday | 52-week bill | 11:30am | Every fourth week only. |
| Wednesday | 17-week bill | 11:30am | Weekly since 2022. |
| Thursday | 4-week & 8-week bills | 11:30am | The shortest tenors; most reactive to debt-ceiling and TGA swings. |
Bill auctions move to the next business day when the usual day is a federal holiday. Treasury also adds cash-management bills at short notice around tax dates and debt-ceiling episodes.
How to read an auction result
- Tail. The stop-out yield minus the when-issued yield at the bid deadline. A positive tail of a basis point or more on a 10-year or 30-year sale signals dealers had to be paid up to absorb supply, and usually lifts yields across the curve.
- Bid-to-cover. Total bids divided by the amount sold. Compare against the trailing six-auction average for the same tenor rather than an absolute threshold.
- Indirect bidders. Largely foreign central banks and overseas funds. A falling share is the headline metric for weakening external demand for Treasuries.
- Dealer take-down. The residual primary dealers are forced to hold. A high number often means further selling pressure in the following sessions.
Quarterly refunding
In February, May, August and November, Treasury publishes its quarterly refunding statement — the borrowing estimate, the size of each coupon auction for the quarter ahead and any changes to the issuance mix between bills and longer-dated debt. Refunding week carries new-issue 3-year, 10-year and 30-year sales rather than reopenings, and shifts in auction sizes are frequently a bigger driver of the long end than the auctions themselves.
Track it live on the desk
- Economic calendar — auctions alongside the data releases that set the pre-auction tone.
- Fed meeting schedule — policy dates that reprice the front end before every 2-year sale.
- CPI release schedule — inflation prints that routinely land in the same week as coupon supply.
- 2026 interest rate forecast — where the policy path is expected to sit as this supply is absorbed.
- Live news feed — auction results and the reaction in yields as they cross the wire.