The Federal Reserve submitted a non-competitive bid of $10.4 billion for 2-year Treasury notes during an auction held on September 22, 2026. This purchase accounts for approximately 15% of the total $69 billion offering.
These transactions are part of the Reserve Management Purchases (RMP) program, which the Fed initiated in December 2025. The program allows the central bank to acquire short-term Treasury securities with maturities of up to three years.
The current pace of these purchases is approximately $40 billion per month. The Fed uses this mechanism to replace maturing holdings in its System Open Market Account portfolio and maintain stability in short-term funding markets.
The settlement for the acquired notes is scheduled for September 30, 2026. This injection of reserves is intended to support the banking system during the end-of-quarter period, when balance sheet pressures typically increase.
