Treasury’s August 25 Six-Week Bill Auction Set a 3.717% Investment Rate

Treasury’s auction result for a 42-day bill shows a 3.717% investment rate, $99.279 billion in total accepted tenders, and a 2.71 bid-to-cover ratio.

CONFIRMED FACTS The U.S. Treasury’s August 25, 2026 auction result identifies the security as a 42-day Treasury bill, CUSIP 912797UJ4. The result reports a 3.650% high rate, a 3.717% investment rate, and a price of 99.574167 per $100 of face value. It states that 27.88% of competitive tenders submitted at the high rate were allotted. Treasury reported $254.509 billion of competitive tenders and $91.629 billion of competitive awards. It also reported $1.372 billion of noncompetitive tenders and awards, $2.000 billion of FIMA noncompetitive tenders and awards, and $4.279 billion of SOMA tenders and awards. Total tenders were $262.160 billion and total accepted tenders were $99.279 billion. The result gives a bid-to-cover ratio of 2.71, calculated from the subtotal of $257.881 billion tendered and $95.000 billion accepted before SOMA. The bill is scheduled to issue on August 27, 2026 and mature on October 8, 2026. Treasury’s Fiscal Data API classifies the offering as a reopened six-week bill with a $95.0 billion offering amount and identifies its auction format as single price. ANALYSIS The stated 2.71 bid-to-cover ratio means the pre-SOMA tendered subtotal was 2.71 times the pre-SOMA accepted subtotal in this specific auction. The 3.717% investment rate is Treasury’s stated equivalent coupon-issue yield for this bill; it is not a Treasury constant-maturity yield or a promised return for a purchaser trading the security after auction. This result is a discrete auction observation. The tender and award figures describe submitted bids and accepted amounts for this security, not demand for all Treasury securities or a forecast of Federal Reserve policy. UNKNOWNS AND LIMITS The published result does not establish why bidders submitted the quantities they did, so no causal explanation of demand is made here. Auction outcomes can differ by security term, issue date, supply, bidder participation, and market conditions. The reported figures also do not measure secondary-market prices or returns after issuance. Treasury labels the instrument a 42-day bill while the Fiscal Data API calls it a six-week bill; both descriptions refer to this same CUSIP and auction result.

Treasury’s August 25 Six-Week Bill Auction Set a 3.717% Investment Rate

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