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Latest desk notes

US economic releases go up with the σ surprise, which is how far the print landed from forecast in standard deviations, and with the measured market move that followed. Treasury auction recaps and the daily brief land the same way, published by the Helious desk the moment they happen.

ALL DESK NOTES AUCTIONS DATA FED SPEAK

6-Week Bill auction: IN LINE

TREASURY AUCTION
. $85B on offer, B/C 2.85 (avg 2.88), high 3.735% (inv 3.803%), indirect 67.7% (avg 67.9), direct 3.4% (avg 3.4), dealer 28.9% (avg 28.7).

26-Week (6-month) Bill auction: WEAK

TREASURY AUCTION
. $79B on offer, B/C 2.63 (avg 2.98), high 3.885% (inv 4.018%), indirect 47.3% (avg 59.1), direct 9.3% (avg 10.4), dealer 43.4% (avg 30.5). WEAK demand, Bonds BEARISH.

13-Week (3-month) Bill auction: IN LINE

TREASURY AUCTION
. $92B on offer, B/C 2.77 (avg 2.91), high 3.770% (inv 3.859%), indirect 52.0% (avg 57.8), direct 7.5% (avg 6.8), dealer 40.5% (avg 35.4).

7-Year Note auction: IN LINE

TREASURY AUCTION
. $44B on offer, B/C 2.50 (avg 2.49), high 4.512%, on the screws, indirect 60.8% (avg 65.1), direct 27.0% (avg 23.1), dealer 12.3% (avg 11.8).

8-Week (2-month) Bill auction: IN LINE

TREASURY AUCTION
. $90B on offer, B/C 2.77 (avg 2.76), high 3.670% (inv 3.742%), indirect 57.3% (avg 58.0), direct 3.4% (avg 4.6), dealer 39.3% (avg 37.4).

4-Week (1-month) Bill auction: IN LINE

TREASURY AUCTION
. $100B on offer, B/C 2.73 (avg 2.74), high 3.650% (inv 3.711%), indirect 66.0% (avg 60.4), direct 2.5% (avg 4.9), dealer 31.5% (avg 34.7).

5-Year Note auction: IN LINE

TREASURY AUCTION
. $70B on offer, B/C 2.37 (avg 2.32), high 4.393%, tailed 0.2bp, indirect 61.5% (avg 65.4), direct 28.4% (avg 21.2), dealer 10.0% (avg 13.4).

2-Year FRN auction: IN LINE

TREASURY AUCTION
. $28B on offer, B/C 3.14 (avg 3.19), indirect 66.6% (avg 62.8), direct 0.4% (avg 0.2), dealer 33.1% (avg 37.0). IN LINE demand, no directional read for bonds.

17-Week (4-month) Bill auction: IN LINE

TREASURY AUCTION
. $72B on offer, B/C 3.09 (avg 3.14), high 3.750% (inv 3.850%), indirect 60.3% (avg 59.7), direct 7.1% (avg 6.5), dealer 32.6% (avg 33.7).

2-Year Note auction: IN LINE

TREASURY AUCTION
. $69B on offer, B/C 2.60 (avg 2.61), high 4.204%, stopped through 0.4bp, indirect 66.0% (avg 56.9), direct 23.1% (avg 30.2), dealer 10.9% (avg 13.0).

6-Week Bill auction: IN LINE

TREASURY AUCTION
. $95B on offer, B/C 2.71 (avg 2.90), high 3.650% (inv 3.717%), indirect 65.2% (avg 69.0), direct 1.7% (avg 3.4), dealer 33.1% (avg 27.5).

26-Week (6-month) Bill auction: IN LINE

TREASURY AUCTION
. $79B on offer, B/C 3.05 (avg 2.99), high 3.790% (inv 3.918%), indirect 60.2% (avg 60.2), direct 11.2% (avg 9.9), dealer 28.6% (avg 29.9).

13-Week (3-month) Bill auction: IN LINE

TREASURY AUCTION
. $92B on offer, B/C 3.08 (avg 2.88), high 3.715% (inv 3.803%), indirect 59.2% (avg 57.4), direct 8.0% (avg 6.8), dealer 32.9% (avg 35.8).

30-Year TIPS auction: STRONG

TREASURY AUCTION
. $8B on offer, B/C 2.82 (avg 2.58), high 2.973%, stopped through 1.8bp, indirect 84.4% (avg 75.6), direct 13.4% (avg 18.7), dealer 2.1% (avg 5.7). STRONG demand, Bonds BULLISH.

8-Week (2-month) Bill auction: STRONG

TREASURY AUCTION
. $100B on offer, B/C 3.06 (avg 2.74), high 3.655% (inv 3.727%), indirect 66.7% (avg 59.3), direct 2.7% (avg 4.9), dealer 30.7% (avg 35.8). STRONG demand, Bonds BULLISH.

4-Week (1-month) Bill auction: IN LINE

TREASURY AUCTION
. $110B on offer, B/C 2.84 (avg 2.71), high 3.640% (inv 3.701%), indirect 65.5% (avg 58.9), direct 3.3% (avg 5.1), dealer 31.3% (avg 35.9).

20-Year Bond auction: IN LINE

TREASURY AUCTION
. $16B on offer, B/C 2.53 (avg 2.62), high 5.204%, tailed 0.5bp, indirect 62.9% (avg 66.7), direct 24.6% (avg 21.8), dealer 12.5% (avg 11.5).

17-Week (4-month) Bill auction: IN LINE

TREASURY AUCTION
. $72B on offer, B/C 3.35 (avg 3.15), high 3.750% (inv 3.850%), indirect 60.8% (avg 61.2), direct 6.3% (avg 6.2), dealer 32.9% (avg 32.5).

6-Week Bill auction: IN LINE

TREASURY AUCTION
. $95B on offer, B/C 2.97 (avg 2.86), high 3.645% (inv 3.711%), indirect 65.5% (avg 68.7), direct 4.7% (avg 3.1), dealer 29.7% (avg 28.2).

26-Week (6-month) Bill auction: IN LINE

TREASURY AUCTION
. $79B on offer, B/C 2.97 (avg 3.01), high 3.780% (inv 3.907%), indirect 64.9% (avg 59.3), direct 10.5% (avg 9.8), dealer 24.6% (avg 30.9).

13-Week (3-month) Bill auction: IN LINE

TREASURY AUCTION
. $92B on offer, B/C 2.86 (avg 2.83), high 3.715% (inv 3.802%), indirect 53.8% (avg 56.6), direct 6.8% (avg 7.0), dealer 39.4% (avg 36.5).

30-Year Bond auction: WEAK

TREASURY AUCTION
. $25B on offer, B/C 2.39 (avg 2.43), high 5.216%, tailed 0.4bp (avg -0.2bp), indirect 66.8% (avg 67.0), direct 21.6% (avg 22.5), dealer 11.5% (avg 10.6).

8-Week (2-month) Bill auction: IN LINE

TREASURY AUCTION
. $100B on offer, B/C 2.85 (avg 2.71), high 3.665% (inv 3.737%), indirect 56.5% (avg 60.1), direct 6.1% (avg 4.5), dealer 37.4% (avg 35.3).

4-Week (1-month) Bill auction: IN LINE

TREASURY AUCTION
. $110B on offer, B/C 2.77 (avg 2.70), high 3.625% (inv 3.686%), indirect 57.1% (avg 60.6), direct 7.9% (avg 4.4), dealer 35.0% (avg 34.9).

10-Year Note auction: IN LINE

TREASURY AUCTION
. $42B on offer, B/C 2.53 (avg 2.47), high 4.683%, on the screws (avg +0.3bp), indirect 76.7% (avg 71.3), direct 14.7% (avg 17.7), dealer 8.6% (avg 11.0).

17-Week (4-month) Bill auction: IN LINE

TREASURY AUCTION
. $72B on offer, B/C 3.16 (avg 3.07), high 3.755% (inv 3.855%), indirect 62.3% (avg 60.0), direct 6.6% (avg 6.2), dealer 31.1% (avg 33.7).

3-Year Note auction: STRONG

TREASURY AUCTION
. $58B on offer, B/C 2.71 (avg 2.60), high 4.291%, stopped through 0.5bp (avg +0.0bp), indirect 64.2% (avg 64.3), direct 24.0% (avg 21.7), dealer 11.7% (avg 13.9).

6-Week Bill auction: IN LINE

TREASURY AUCTION
. $95B on offer, B/C 2.93 (avg 2.82), high 3.670% (inv 3.737%), indirect 71.3% (avg 68.3), direct 3.2% (avg 3.4), dealer 25.6% (avg 28.3).

26-Week (6-month) Bill auction: IN LINE

TREASURY AUCTION
. $79B on offer, B/C 2.85 (avg 2.96), high 3.830% (inv 3.960%), indirect 54.5% (avg 59.6), direct 8.9% (avg 9.5), dealer 36.7% (avg 30.9).

13-Week (3-month) Bill auction: IN LINE

TREASURY AUCTION
. $92B on offer, B/C 2.88 (avg 2.73), high 3.735% (inv 3.823%), indirect 57.2% (avg 53.9), direct 6.8% (avg 7.0), dealer 36.0% (avg 39.1).

8-Week (2-month) Bill auction: IN LINE

TREASURY AUCTION
. $100B on offer, B/C 2.74 (avg 2.72), high 3.710% (inv 3.783%), indirect 54.4% (avg 62.7), direct 6.3% (avg 3.9), dealer 39.3% (avg 33.4).

4-Week (1-month) Bill auction: IN LINE

TREASURY AUCTION
. $110B on offer, B/C 2.68 (avg 2.71), high 3.640% (inv 3.701%), indirect 55.8% (avg 62.1), direct 4.0% (avg 4.4), dealer 40.1% (avg 33.5).

17-Week (4-month) Bill auction: STRONG

TREASURY AUCTION
. $72B on offer, B/C 3.19 (avg 2.96), high 3.785% (inv 3.886%), indirect 64.6% (avg 58.4), direct 6.2% (avg 5.8), dealer 29.3% (avg 35.8). STRONG demand, Bonds BULLISH.

52-Week (1-year) Bill auction: STRONG

TREASURY AUCTION
. $52B on offer, B/C 3.62 (avg 3.25), high 3.880% (inv 4.054%), indirect 70.8% (avg 64.3), direct 2.3% (avg 3.7), dealer 27.0% (avg 32.0). STRONG demand, Bonds BULLISH.

6-Week Bill auction: IN LINE

TREASURY AUCTION
. $95B on offer, B/C 2.93 (avg 2.82), high 3.640% (inv 3.706%), indirect 61.4% (avg 69.0), direct 3.8% (avg 3.1), dealer 34.8% (avg 27.8).

26-Week (6-month) Bill auction: IN LINE

TREASURY AUCTION
. $79B on offer, B/C 2.98 (avg 2.88), high 3.855% (inv 3.986%), indirect 57.0% (avg 59.0), direct 10.3% (avg 8.4), dealer 32.7% (avg 32.6).

13-Week (3-month) Bill auction: IN LINE

TREASURY AUCTION
. $92B on offer, B/C 2.61 (avg 2.75), high 3.750% (inv 3.838%), indirect 54.1% (avg 54.8), direct 6.3% (avg 6.8), dealer 39.5% (avg 38.4).

8-Week (2-month) Bill auction: IN LINE

TREASURY AUCTION
. $100B on offer, B/C 2.74 (avg 2.69), high 3.675% (inv 3.747%), indirect 62.9% (avg 60.8), direct 4.0% (avg 3.9), dealer 33.1% (avg 35.3).

4-Week (1-month) Bill auction: IN LINE

TREASURY AUCTION
. $110B on offer, B/C 2.80 (avg 2.74), high 3.630% (inv 3.691%), indirect 65.0% (avg 63.4), direct 4.0% (avg 4.2), dealer 31.0% (avg 32.4).

2-Year FRN auction: IN LINE

TREASURY AUCTION
. $30B on offer, B/C 3.37 (avg 3.16), indirect 63.2% (avg 63.2), direct 0.0% (avg 0.2), dealer 36.8% (avg 36.5). IN LINE demand, no directional read for bonds.
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