The US Treasury will sell $69 billion in 2-year notes on August 25, 2026, with a pre-auction yield of 4.208% and settlement scheduled for August 31. Recent demand for these issuances has been uneven: the bid-to-cover ratio was 2.44 in March 2026, the weakest since May 2024, before rebounding to 2.64 in May. A ratio above 2.5 is generally considered healthy for 2-year auctions. Current market yields for 2-year Treasuries are around 4.21%, meaning the auction is expected to price very close to secondary market levels.
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