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Wednesday, September 23, 2026

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Auctions · Wednesday, September 23, 2026

Treasury sells 42-day bills and 2-year notes; new auction system due in months

The File desk · Sep. 23, 2026, 6:27 a.m. ET

Confirmed3 primary sources

Status

Confirmed (TreasuryDirect result PDFs + Treasury remarks, Sept. 22, 2026)
On Tuesday, Sept. 22, 2026, the Treasury sold a 42-day cash-management bill that stopped out at a 3.870% high discount rate (about $75 billion accepted; bid-to-cover 3.03) and a 2-year note that stopped out at a 4.787% high yield with a 4-3/4% coupon (about $69 billion accepted; bid-to-cover 2.63). The sales run under the . The same day, Deputy Secretary Francis Brooke told the Treasury Market Conference that Treasury plans to switch to a rebuilt securities auction system “in the coming months,” with testing nearly done. He also said buybacks have totaled nearly $500 billion across more than 150 operations. Offering announcements posted Tuesday set a 17-week bill auction for Wednesday, Sept. 23, and 4-week and 8-week bill auctions for Thursday, Sept. 24.
On Tuesday, Sept. 22, 2026, the Treasury sold a 42-day cash-management bill that stopped out at a 3.870% high discount rate.
About $75 billion was accepted. The bid-to-cover ratio was 3.03.
The same day, the Treasury sold a 2-year note that stopped out at a 4.787% high yield with a 4-3/4% coupon.
About $69 billion was accepted. The bid-to-cover ratio was 2.63.
The sales run under the .
Deputy Secretary Francis Brooke told the Treasury Market Conference that Treasury plans to switch to a rebuilt securities auction system “in the coming months,” with testing nearly done.
He also said buybacks have totaled nearly $500 billion across more than 150 operations.
Offering announcements posted Tuesday set a $72 billion 17-week bill auction for Wednesday, Sept. 23, and, for Thursday, Sept. 24, a $90 billion 4-week bill and an $85 billion 8-week bill.
How we know

What is still unknown or disputed

  • Exact cutover date for the new auction system; Sept. 23 17-week results were not yet due at morning lock.

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 — 42-Day Bill

    TreasuryDirect / U.S. Treasury · September 22, 2026

    High Rate … 3.870% … Bid-to-Cover Ratio … = 3.03

    https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260922_1.pdf

  2. Source 2

    TREASURY AUCTION RESULTS — 2-Year Note

    TreasuryDirect / U.S. Treasury · September 22, 2026

    Interest Rate 4-3/4% … High Yield … 4.787% … Bid-to-Cover Ratio … = 2.63

    https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260922_2.pdf

  3. Source 3

    Remarks by Deputy Secretary of the Treasury Francis Brooke before the Treasury Market Conference

    U.S. Department of the Treasury · September 22, 2026

    Today I am pleased to announce that we plan to transition to the new auction system in the coming months.

    https://home.treasury.gov/news/press-releases/sb0633