Independent newsroom

Thursday, September 24, 2026

The File

Every claim traces to a primary source. Uncertainty is labeled. Corrections are public.

Auctions · Thursday, September 24, 2026

Treasury sells 119-day bills at 4.135% and 5-year notes at 5.033%

The File desk · Sep. 24, 2026, 6:28 a.m. ET

Confirmed3 primary sources

Status

Confirmed (TreasuryDirect result PDFs, Sept. 23, 2026)
On Wednesday, Sept. 23, 2026, the Treasury sold 119-day bills (the 17-week slot) that stopped at a 4.135% high discount rate and a 4.251% investment rate (CUSIP 912797WR4); five-year notes that stopped at a 5.033% high yield with a 5% coupon (CUSIP 91282CRN3); and a floating-rate note with about 1 year 10 months left that cleared at a 0.040% high discount margin over a 0.050% spread (CUSIP 91282CRD5). Offering announcements for Thursday, Sept. 24, set 4-week and 8-week bill auctions. The sales run under the .
On Wednesday, Sept. 23, 2026, the Treasury sold 119-day bills, the 17-week slot.
Those bills stopped at a 4.135% high discount rate and a 4.251% investment rate. The CUSIP is 912797WR4. The result sheet lists an issue date of Sept. 29, 2026, and a maturity date of Jan. 26, 2027.
Five-year notes stopped at a 5.033% high yield with a 5% coupon. The CUSIP is 91282CRN3, series AD-2031. Issue date Sept. 30, 2026. Maturity date Sept. 30, 2031.
A floating-rate note with about 1 year 10 months left cleared at a 0.040% high discount margin over a 0.050% spread. The CUSIP is 91282CRD5, series BF-2028. Issue date Sept. 25, 2026. Maturity date July 31, 2028. The result sheet lists an index determination rate of 4.015%.
The sales run under the .
Offering announcements already on the calendar set 4-week and 8-week bill auctions for Thursday, Sept. 24. Those results were not in at morning lock.
How we know

What is still unknown or disputed

  • Exact bid-to-cover ratios beyond PDF totals if not copied; market reaction (no FRED inventing).

Primary sources

Every claim in this story is drawn from the documents below. If a fetch failed, that is recorded on the card.

  1. Source 1

    Treasury Auction Results — 119-Day Bill (CUSIP 912797WR4)

    U.S. Treasury / TreasuryDirect · September 23, 2026

    Term and Type of Security 119-Day Bill / CUSIP Number 912797WR4 / High Rate 4.135% / Investment Rate 4.251% / Issue Date September 29, 2026 / Maturity Date January 26, 2027.

    https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260923_1.pdf

  2. Source 2

    Treasury Auction Results — 5-Year Note (CUSIP 91282CRN3)

    U.S. Treasury / TreasuryDirect · September 23, 2026

    Interest Rate 5% / High Yield 5.033% / Issue Date September 30, 2026 / Maturity Date September 30, 2031.

    https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260923_3.pdf

  3. Source 3

    Treasury Auction Results — 1-Year 10-Month FRN (CUSIP 91282CRD5)

    U.S. Treasury / TreasuryDirect · September 23, 2026

    Spread 0.050% / High Discount Margin 0.040% / Issue Date September 25, 2026 / Maturity Date July 31, 2028 / Index Determination Rate 4.015%.

    https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260923_2.pdf