The US Treasury successfully auctioned $171 billion in short-term debt on September 8, 2026. This total included $92 billion in 3-month bills and $79 billion in 6-month bills. The 13-week securities yielded approximately 3.8%, while the 26-week instruments reached 3.885%.
Market stability remains a key feature, with short-term yields fluctuating between 3.7% and 4.0% throughout August and early September. Recent bid-to-cover ratios have consistently ranged from 2.6x to 3.0x, indicating that investor demand significantly exceeded the volume offered by the Treasury.
The auctions utilize a uniform-price Dutch format, ensuring all winning bidders receive the same yield. Participation includes primary dealers, large institutional investors, foreign central banks, and retail buyers using the TreasuryDirect platform. Only 20.33% of bids for the 3-month paper were awarded at the high rate.
The spread between the 3-month and 6-month bills is currently minimal at approximately 8.5 basis points. This narrow gap suggests that market participants do not anticipate significant interest rate movements over the coming quarter.
