{
"tenor": "2-year-note",
"date": "2026-07-27",
"high_yield": 4.315,
"tail_bps": -0.5,
"bid_to_cover": 2.66,
"indirect_pct": 56.6,
"verdict": "IN LINE"
}The 2-Year Treasury Note auction on Jul 27, 2026 stopped at a high yield of 4.315%, stopping through the when-issued yield by 0.5bp, with a bid-to-cover of 2.66 against a 2.6 twelve-month average. Indirects took 56.6%, directs 34.1% and primary dealers 9.4%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
The 2-year note is the market's Fed-policy proxy: its yield moves nearly one-for-one with expected rate paths, and CPI or payroll surprises hit this tenor first. A tail or weak indirect take at the 2s auction says investors doubt the priced-in path, and it sets the tone for the 2s10s curve trade.
| DATE | CUSIP | ISSUE | HIGH YIELD | TAIL | BID-TO-COVER | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|
| Jul 27, 2026 | 91282CRB9 | New | 4.315% | -0.5bp | 2.66 | 56.6% | 34.1% | 9.4% | IN LINE → |
| Jun 23, 2026 | 91282CQY0 | New | 4.189% | — | 2.64 | 55.5% | 34.3% | 10.2% | — |
| May 26, 2026 | 91282CQS3 | New | 4.071% | — | 2.64 | 57.6% | 30.1% | 12.3% | — |
| Apr 27, 2026 | 91282CQL8 | New | 3.812% | — | 2.65 | 56.5% | 31.6% | 11.9% | — |
| Mar 24, 2026 | 91282CQH7 | New | 3.936% | — | 2.44 | 59.4% | 16.5% | 24.1% | — |
| Feb 24, 2026 | 91282CQB0 | New | 3.455% | — | 2.63 | 55.9% | 34.3% | 9.8% | — |
| Dec 22, 2025 | 91282CPS4 | New | 3.499% | — | 2.54 | 53.2% | 34.1% | 12.7% | — |
| Nov 24, 2025 | 91282CPL9 | New | 3.489% | — | 2.68 | 58.1% | 30.7% | 11.2% | — |
| Oct 27, 2025 | 91282CPE5 | New | 3.504% | — | 2.59 | 53.7% | 34.8% | 11.6% | — |
| Sep 23, 2025 | 91282CPB1 | New | 3.571% | — | 2.51 | 57.7% | 30.8% | 11.5% | — |
| Aug 26, 2025 | 91282CNV9 | New | 3.641% | — | 2.69 | 57.1% | 33.2% | 9.7% | — |
| Jul 28, 2025 | 91282CNP2 | New | 3.920% | — | 2.62 | 55.3% | 34.4% | 10.3% | — |
| Jun 24, 2025 | 91282CNL1 | New | 3.786% | — | 2.58 | 60.5% | 26.3% | 13.2% | — |
| May 27, 2025 | 91282CNE7 | New | 3.955% | — | 2.57 | 63.3% | 26.2% | 10.5% | — |
| Apr 22, 2025 | 91282CMY4 | New | 3.795% | — | 2.52 | 56.2% | 30.1% | 13.7% | — |
| Mar 25, 2025 | 91282CMV0 | New | 3.984% | — | 2.66 | 75.8% | 13.6% | 10.6% | — |
| Feb 24, 2025 | 91282CMP3 | New | 4.169% | — | 2.56 | 85.5% | 7.6% | 6.9% | — |
| Jan 27, 2025 | 91282CMH1 | New | 4.211% | — | 2.66 | 65.0% | 21.3% | 13.7% | — |
| Dec 23, 2024 | 91282CME8 | New | 4.335% | — | 2.73 | 82.1% | 6.6% | 11.3% | — |
| Nov 25, 2024 | 91282CLY5 | New | 4.274% | — | 2.77 | 71.6% | 19.2% | 9.2% | — |
| Oct 28, 2024 | 91282CLS8 | New | 4.130% | — | 2.50 | 58.2% | 23.8% | 17.9% | — |
| Sep 24, 2024 | 91282CLP4 | New | 3.520% | — | 2.59 | 67.6% | 19.6% | 12.8% | — |
| Aug 27, 2024 | 91282CLH2 | New | 3.874% | — | 2.68 | 69.0% | 19.1% | 11.9% | — |
| Jul 23, 2024 | 91282CLB5 | New | 4.434% | — | 2.81 | 76.6% | 14.4% | 9.0% | — |
| Jun 25, 2024 | 91282CKY6 | New | 4.706% | — | 2.75 | 65.6% | 20.9% | 13.5% | — |
| May 28, 2024 | 91282CKS9 | New | 4.917% | — | 2.41 | 57.9% | 25.5% | 16.6% | — |
| Apr 23, 2024 | 91282CKK6 | New | 4.898% | — | 2.66 | 66.2% | 18.7% | 15.1% | — |
| Mar 25, 2024 | 91282CKH3 | New | 4.595% | — | 2.62 | 65.8% | 20.9% | 13.4% | — |
| Feb 26, 2024 | 91282CKB6 | New | 4.691% | — | 2.49 | 65.2% | 20.1% | 14.7% | — |
| Jan 23, 2024 | 91282CJV4 | New | 4.365% | — | 2.57 | 65.3% | 19.9% | 14.8% | — |
| Dec 26, 2023 | 91282CJS1 | New | 4.314% | — | 2.68 | 61.9% | 19.5% | 18.6% | — |
| Nov 27, 2023 | 91282CJL6 | New | 4.887% | — | 2.54 | 57.4% | 23.9% | 18.8% | — |
| Oct 24, 2023 | 91282CJE2 | New | 5.055% | — | 2.64 | 62.0% | 20.3% | 17.6% | — |
| Sep 26, 2023 | 91282CJB8 | New | 5.085% | — | 2.73 | 65.0% | 21.0% | 14.0% | — |
| Aug 28, 2023 | 91282CHV6 | New | 5.024% | — | 2.94 | 65.0% | 20.0% | 15.0% | — |
| Jul 24, 2023 | 91282CHN4 | New | 4.823% | — | 2.78 | 65.4% | 20.8% | 13.8% | — |
| Jun 26, 2023 | 91282CHL8 | New | 4.670% | — | 2.86 | 68.5% | 18.2% | 13.3% | — |
| May 23, 2023 | 91282CHD6 | New | 4.300% | — | 2.90 | 68.2% | 15.6% | 16.2% | — |
| Apr 25, 2023 | 91282CGX3 | New | 3.969% | — | 2.68 | 61.2% | 19.9% | 18.9% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 are TreasuryDirect's own records, which do not publish a when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Source: desk-captured results enriched with TreasuryDirect auction records · download the history (CSV). Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.
| AUCTION DATE | CUSIP |
|---|---|
| Aug 25, 2026 | 91282CRH6 |
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