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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

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

TREASURY AUCTION
. $72B on offer, B/C 3.04 (avg 2.93), high 3.875% (inv 3.980%), indirect 57.6% (avg 57.6), direct 8.4% (avg 5.3), dealer 33.9% (avg 37.1).

7-Year Note auction: IN LINE

TREASURY AUCTION
. $44B on offer, B/C 2.49 (avg 2.48), high 4.473%, tailed 0.2bp, indirect 70.1% (avg 64.6), direct 16.9% (avg 24.0), dealer 13.0% (avg 11.4).

6-Week Bill auction: IN LINE

TREASURY AUCTION
. $95B on offer, B/C 2.93 (avg 2.85), high 3.700% (inv 3.768%), indirect 72.7% (avg 68.5), direct 4.5% (avg 2.8), dealer 22.8% (avg 28.8).

13-Week (3-month) Bill auction: STRONG

TREASURY AUCTION
. $92B on offer, B/C 3.06 (avg 2.65), high 3.815% (inv 3.906%), indirect 66.9% (avg 51.9), direct 5.9% (avg 6.6), dealer 27.2% (avg 41.5). STRONG demand, Bonds BULLISH.

5-Year Note auction: IN LINE

TREASURY AUCTION
. $70B on offer, B/C 2.28 (avg 2.33), high 4.408%, tailed 0.9bp (avg +0.6bp), indirect 59.2% (avg 65.6), direct 27.2% (avg 21.4), dealer 13.5% (avg 12.9).

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

TREASURY AUCTION
. $79B on offer, B/C 3.12 (avg 2.82), high 3.945% (inv 4.081%), indirect 59.7% (avg 60.7), direct 10.6% (avg 7.8), dealer 29.6% (avg 31.5).

2-Year Note auction: IN LINE

TREASURY AUCTION
. $69B on offer, B/C 2.66 (avg 2.59), high 4.315%, stopped through 0.5bp (avg +0.1bp), indirect 56.6% (avg 56.4), direct 34.1% (avg 30.2), dealer 9.4% (avg 13.5).

10-Year TIPS auction: IN LINE

TREASURY AUCTION
. $21B on offer, B/C 2.30 (avg 2.40), high 2.438%, indirect 65.2% (avg 62.9), direct 25.0% (avg 25.6), dealer 9.9% (avg 11.5). IN LINE demand, no directional read for bonds.

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

TREASURY AUCTION
. $100B on offer, B/C 2.31 (avg 2.80), high 3.795% (inv 3.871%), indirect 39.7% (avg 65.8), direct 4.6% (avg 3.5), dealer 55.6% (avg 30.7). WEAK demand, Bonds BEARISH.

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

TREASURY AUCTION
. $110B on offer, B/C 2.79 (avg 2.80), high 3.730% (inv 3.793%), indirect 65.5% (avg 64.2), direct 4.7% (avg 3.8), dealer 29.8% (avg 32.0).

20-Year Bond auction: IN LINE

TREASURY AUCTION
. $13B on offer, B/C 2.64 (avg 2.66), high 5.163%, tailed 0.5bp (avg -0.3bp), indirect 69.1% (avg 66.0), direct 16.2% (avg 23.9), dealer 14.7% (avg 10.1).

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

TREASURY AUCTION
. $72B on offer, B/C 2.76 (avg 2.95), high 3.845% (inv 3.949%), indirect 53.1% (avg 58.4), direct 5.6% (avg 5.1), dealer 41.3% (avg 36.4).

6-Week Bill auction: IN LINE

TREASURY AUCTION
. $95B on offer, B/C 2.79 (avg 2.93), high 3.650% (inv 3.717%), indirect 71.0% (avg 66.4), direct 2.6% (avg 3.2), dealer 26.4% (avg 30.4).

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

TREASURY AUCTION
. $79B on offer, B/C 2.94 (avg 2.79), high 3.835% (inv 3.965%), indirect 58.4% (avg 59.9), direct 11.0% (avg 6.8), dealer 30.6% (avg 33.2).

13-Week (3-month) Bill auction: STRONG

TREASURY AUCTION
. $92B on offer, B/C 3.00 (avg 2.61), high 3.730% (inv 3.818%), indirect 55.8% (avg 52.0), direct 6.8% (avg 6.4), dealer 37.4% (avg 41.6). STRONG demand, Bonds BULLISH.

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

TREASURY AUCTION
. $100B on offer, B/C 2.84 (avg 2.86), high 3.722%, indirect 67.6% (avg 65.3), direct 3.9% (avg 3.4), dealer 28.4% (avg 31.3). IN LINE demand, no directional read for bonds.

4-Week (1-month) Bill auction: WEAK

TREASURY AUCTION
. $110B on offer, B/C 2.57 (avg 2.88), high 3.721%, indirect 53.7% (avg 63.9), direct 5.5% (avg 3.3), dealer 40.8% (avg 32.9). WEAK demand, Bonds BEARISH.

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

TREASURY AUCTION
. $72B on offer, B/C 3.35 (avg 2.92), high 3.845%, indirect 60.0% (avg 58.6), direct 6.1% (avg 4.8), dealer 33.8% (avg 36.6). STRONG demand, Bonds BULLISH.

6-Week Bill auction: IN LINE

TREASURY AUCTION
. $95B on offer, B/C 2.84 (avg 3.00), high 3.706%, indirect 72.4% (avg 64.9), direct 1.7% (avg 3.6), dealer 25.9% (avg 31.5). IN LINE demand, no directional read for bonds.

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

TREASURY AUCTION
. $79B on offer, B/C 3.11 (avg 2.75), high 3.992%, indirect 66.5% (avg 58.3), direct 8.1% (avg 7.1), dealer 25.4% (avg 34.6). STRONG demand, Bonds BULLISH.

13-Week (3-month) Bill auction: STRONG

TREASURY AUCTION
. $92B on offer, B/C 2.84 (avg 2.59), high 3.849%, indirect 56.8% (avg 51.1), direct 8.2% (avg 6.2), dealer 35.0% (avg 42.7). STRONG demand, Bonds BULLISH.

30-Year Bond auction: IN LINE

TREASURY AUCTION
. $22B on offer, B/C 2.44 (avg 2.43), high 5.058%, stopped through 0.3bp, indirect 77.7% (avg 65.1), direct 12.2% (avg 24.0), dealer 10.1% (avg 10.9).

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

TREASURY AUCTION
. $95B on offer, B/C 2.95 (avg 2.88), high 3.706%, indirect 74.6% (avg 63.7), direct 4.5% (avg 3.1), dealer 21.0% (avg 33.2). STRONG demand, Bonds BULLISH.

4-Week (1-month) Bill auction: WEAK

TREASURY AUCTION
. $100B on offer, B/C 2.64 (avg 2.90), high 3.691%, indirect 56.6% (avg 63.4), direct 4.6% (avg 3.5), dealer 38.8% (avg 33.1). WEAK demand, Bonds BEARISH.

10-Year Note auction: STRONG

TREASURY AUCTION
. $39B on offer, B/C 2.59 (avg 2.46), high 4.580%, stopped through 0.6bp, indirect 81.5% (avg 69.4), direct 10.7% (avg 19.9), dealer 7.8% (avg 10.7). STRONG demand, Bonds BULLISH.

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

TREASURY AUCTION
. $72B on offer, B/C 3.41 (avg 2.85), high 3.891%, indirect 69.6% (avg 56.4), direct 4.5% (avg 4.8), dealer 25.9% (avg 38.8). STRONG demand, Bonds BULLISH.

3-Year Note auction: STRONG

TREASURY AUCTION
. $58B on offer, B/C 2.60 (avg 2.61), high 4.179%, stopped through 0.6bp, indirect 67.5% (avg 62.5), direct 24.8% (avg 22.5), dealer 7.7% (avg 15.0). STRONG demand, Bonds BULLISH.

52-Week (1-year) Bill auction: IN LINE

TREASURY AUCTION
. $52B on offer, B/C 3.14 (avg 3.29), high 4.032%, indirect 60.1% (avg 66.4), direct 4.6% (avg 3.3), dealer 35.3% (avg 30.4). IN LINE demand, no directional read for bonds.

6-Week Bill auction: IN LINE

TREASURY AUCTION
. $90B on offer, B/C 2.74 (avg 3.00), high 3.701%, indirect 63.5% (avg 62.6), direct 2.7% (avg 4.0), dealer 33.8% (avg 33.4). IN LINE demand, no directional read for bonds.

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

TREASURY AUCTION
. $92B on offer, B/C 2.58 (avg 2.67), high 3.823%, indirect 48.5% (avg 53.0), direct 7.7% (avg 6.1), dealer 43.8% (avg 40.9). IN LINE demand, no directional read for bonds.

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

TREASURY AUCTION
. $79B on offer, B/C 3.05 (avg 2.70), high 3.960%, indirect 59.8% (avg 57.9), direct 9.6% (avg 6.9), dealer 30.5% (avg 35.2). STRONG demand, Bonds BULLISH.
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