The US Treasury auctioned 58 billion dollars in 3-year notes this week as part of a broader 119 billion dollar debt issuance program that also includes 39 billion in 10-year notes and 22 billion in 30-year bonds. The high yield on these auctions has ranged between 3.5% and 4.3% in 2026, while the bid-to-cover ratio has held steady between 2.5x and 2.85x, reflecting stable but moderate demand. The breakdown of auction results by bidder type – primary dealers, direct bidders, and indirect bidders – provides key insights into international confidence in US fiscal health. Settlement for the notes is expected around September 15.
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