{
"tenor": "26-week-bill",
"date": "2026-08-17",
"high_yield": 3.78,
"tail_bps": null,
"bid_to_cover": 2.97,
"indirect_pct": 64.9,
"verdict": "IN LINE"
}The 26-Week Treasury Bill auction on Aug 17, 2026 stopped at a high yield of 3.78%, with a bid-to-cover of 2.97 against a 2.94 twelve-month average. Indirects took 64.9%, directs 10.5% and primary dealers 24.6%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
The 26-week (6-month) bill prices the Fed path across the next three to four meetings, making it one of the cleanest policy-expectation gauges outside futures. A stop-out well below the 13-week rate says the market is leaning into cuts; above it, hikes or higher-for-longer.
| DATE | CUSIP | ISSUE | HIGH YIELD | TAIL | BID-TO-COVER | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|
| Aug 17, 2026 | 912797TV9 | Reopen | 3.780% | — | 2.97 | 64.9% | 10.5% | 24.6% | IN LINE → |
| Aug 10, 2026 | 912797WB9 | New | 3.830% | — | 2.85 | 54.5% | 8.9% | 36.7% | IN LINE → |
| Aug 3, 2026 | 912797VV6 | New | 3.855% | — | 2.98 | 57.0% | 10.3% | 32.7% | IN LINE → |
| Jul 27, 2026 | 912797VU8 | New | 3.945% | — | 3.12 | 59.7% | 10.6% | 29.6% | IN LINE → |
| Jul 20, 2026 | 912797TM9 | Reopen | 3.835% | — | 2.94 | 58.4% | 11.0% | 30.6% | IN LINE → |
| Jul 13, 2026 | 912797VT1 | New | 3.860% | — | 3.11 | 66.5% | 8.1% | 25.4% | STRONG → |
| Jul 6, 2026 | 912797VS3 | New | 3.830% | — | 3.05 | 59.8% | 9.6% | 30.5% | STRONG → |
| Jun 29, 2026 | 912797VJ3 | New | 3.840% | — | 2.58 | 56.4% | 7.2% | 36.4% | — |
| Jun 22, 2026 | 912797TC1 | Reopen | 3.840% | — | 2.51 | 53.0% | 4.0% | 43.0% | — |
| Jun 15, 2026 | 912797VH7 | New | 3.680% | — | 2.76 | 70.1% | 6.6% | 23.3% | — |
| Jun 8, 2026 | 912797VG9 | New | 3.690% | — | 2.75 | 53.9% | 5.5% | 40.6% | — |
| Jun 1, 2026 | 912797VA2 | New | 3.665% | — | 2.84 | 56.4% | 9.6% | 34.0% | — |
| May 26, 2026 | 912797SU2 | Reopen | 3.650% | — | 2.77 | 57.4% | 8.4% | 34.2% | — |
| May 18, 2026 | 912797UZ8 | New | 3.615% | — | 3.07 | 63.2% | 9.2% | 27.6% | — |
| May 11, 2026 | 912797UY1 | New | 3.615% | — | 2.91 | 56.0% | 8.8% | 35.3% | — |
| May 4, 2026 | 912797UM7 | New | 3.610% | — | 2.79 | 53.9% | 10.3% | 35.8% | — |
| Apr 27, 2026 | 912797SK4 | Reopen | 3.590% | — | 2.95 | 64.6% | 9.8% | 25.7% | — |
| Apr 20, 2026 | 912797UL9 | New | 3.590% | — | 2.89 | 56.5% | 10.8% | 32.7% | — |
| Apr 13, 2026 | 912797UK1 | New | 3.610% | — | 2.84 | 61.1% | 9.2% | 29.7% | — |
| Apr 6, 2026 | 912797UJ4 | New | 3.615% | — | 3.06 | 59.6% | 10.0% | 30.4% | — |
| Mar 30, 2026 | 912797SA6 | Reopen | 3.605% | — | 2.83 | 60.7% | 8.8% | 30.6% | — |
| Mar 23, 2026 | 912797UH8 | New | 3.630% | — | 3.03 | 64.5% | 10.7% | 24.8% | — |
| Mar 16, 2026 | 912797UG0 | New | 3.570% | — | 2.64 | 50.6% | 7.5% | 41.9% | — |
| Mar 9, 2026 | 912797UF2 | New | 3.535% | — | 3.09 | 66.6% | 8.1% | 25.3% | — |
| Mar 2, 2026 | 912797RS8 | Reopen | 3.535% | — | 3.10 | 65.1% | 9.1% | 25.8% | — |
| Feb 23, 2026 | 912797TY3 | New | 3.525% | — | 3.03 | 61.7% | 10.1% | 28.2% | — |
| Feb 17, 2026 | 912797TX5 | New | 3.500% | — | 3.08 | 68.3% | 9.4% | 22.4% | — |
| Feb 9, 2026 | 912797TW7 | New | 3.500% | — | 3.09 | 70.8% | 8.0% | 21.3% | — |
| Feb 2, 2026 | 912797RG4 | Reopen | 3.525% | — | 3.08 | 59.7% | 9.0% | 31.3% | — |
| Jan 26, 2026 | 912797TQ0 | New | 3.525% | — | 3.07 | 67.3% | 8.6% | 24.1% | — |
| Jan 20, 2026 | 912797TP2 | New | 3.520% | — | 2.95 | 61.6% | 6.2% | 32.2% | — |
| Jan 12, 2026 | 912797TN7 | New | 3.490% | — | 3.17 | 69.1% | 9.9% | 21.0% | — |
| Jan 5, 2026 | 912797RF6 | Reopen | 3.475% | — | 3.28 | 62.9% | 11.8% | 25.3% | — |
| Dec 29, 2025 | 912797TF4 | New | 3.500% | — | 2.52 | 42.3% | 8.7% | 49.0% | — |
| Dec 22, 2025 | 912797TE7 | New | 3.485% | — | 3.18 | 72.8% | 6.4% | 20.8% | — |
| Dec 15, 2025 | 912797TD9 | New | 3.495% | — | 2.84 | 56.0% | 8.8% | 35.1% | — |
| Dec 8, 2025 | 912797QX8 | Reopen | 3.580% | — | 3.01 | 59.9% | 10.3% | 29.7% | — |
| Dec 1, 2025 | 912797SX6 | New | 3.635% | — | 3.02 | 69.1% | 10.8% | 20.1% | — |
| Nov 24, 2025 | 912797SW8 | New | 3.670% | — | 2.77 | 59.7% | 9.5% | 30.8% | — |
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 24, 2026 | 912797WC7 |
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