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What was the rate at the latest 4-week Treasury bill auction?

The 4-week bill auctioned on sold at a discount rate of 3.890% (investment rate 3.956%), bid-to-cover 2.83.

Discount rate

3.890%

1 October 2026 · Auction results

Investment rate

3.956%

Bond-equivalent

Bid-to-cover

2.83

1 October 2026 · Auction results

Sold

$105.09 billion

$100 billion offered

When is the next 4-week bill auction?

Tentative 4-week bill auction dates
AuctionIssueAnnouncementSettles
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Tentative: Treasury plans these dates in its quarterly refunding and may change them; amounts come with each announcement. Treasury's file: tentative auction schedule (XML).

Bid-to-cover, last 36 auctions

Bid-to-cover of the last 36 4-week bill auctions; the latest was 2.83

Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

Bid-to-cover of the last 36 4-week bill auctions; the latest was 2.832.42.62.83.03.23.4Latest 2.8320262026Bid-to-cover of the last 36 4-week bill auctions; the latest was 2.832.42.62.83.03.22.8320262026

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

The numbers behind this chart
These auctions as a table
Bid-to-cover of the last 36 4-week bill auctions
AuctionBid-to-cover
2.83
2.61
3.02
2.81
2.97
2.73
2.84
2.77
2.68
2.80
2.79
2.57
2.64
2.72
2.74
2.99
3.13
3.07
2.76
2.60
2.66
2.59
2.92
2.98
3.12
3.28
3.15
3.03
3.12
2.77
2.89
2.88
2.94
2.78
2.85
2.86

Discount rate of the last 36 4-week bill auctions; the latest was 3.890%

Discount rate, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

Discount rate of the last 36 4-week bill auctions; the latest was 3.890%3.503.603.703.803.90Latest 3.890%20262026Discount rate of the last 36 4-week bill auctions; the latest was 3.890%3.503.603.703.803.903.89020262026
The numbers behind this chart
These auctions as a table
Discount rate of the last 36 4-week bill auctions, %
AuctionDiscount rate, %
3.890
3.850
3.820
3.775
3.700
3.650
3.640
3.625
3.640
3.630
3.730
3.660
3.630
3.605
3.610
3.580
3.595
3.615
3.630
3.610
3.605
3.610
3.600
3.595
3.595
3.560
3.620
3.620
3.615
3.640
3.640
3.625
3.625
3.630
3.630
3.630

The latest auction against its own history

  • High discount rate: Highest for a 4-week bill since 26 November 2025 (43 auctions in between).
Each measure against earlier 4-week bill auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.83Last 12 auctions3 of 129 of 122.78
Bid-to-cover ratio2.83Last 24 auctions9 of 2415 of 242.78
Bid-to-cover ratio2.83Since 8 April 2008750 of 965209 of 9653.30
Bid-to-cover ratio2.83All 1313 since 31 July 2001866 of 1313438 of 13133.10
High discount rate3.890Last 12 auctions0 of 1212 of 123.655
High discount rate3.890Last 24 auctions0 of 2424 of 243.628
High discount rate3.890Since 8 April 2008150 of 965814 of 9650.200
High discount rate3.890All 1313 since 31 July 2001246 of 13131066 of 13131.075
Indirect bidders' share63.9Last 12 auctions7 of 125 of 1265.2
Indirect bidders' share63.9Last 24 auctions14 of 2410 of 2465.1
Indirect bidders' share63.9All 965 since 8 April 2008103 of 965862 of 96536.6
Direct bidders' share4.8Last 12 auctions2 of 1210 of 124.0
Direct bidders' share4.8Last 24 auctions5 of 2419 of 243.7
Direct bidders' share4.8All 965 since 8 April 2008558 of 965407 of 9655.6
Primary dealers' share31.4Last 12 auctions6 of 126 of 1231.4
Primary dealers' share31.4Last 24 auctions12 of 2412 of 2431.4
Primary dealers' share31.4All 965 since 8 April 2008870 of 96595 of 96556.0
High minus median, basis points5.0Last 12 auctions2 of 128 of 124.0
High minus median, basis points5.0Last 24 auctions6 of 2416 of 244.0
High minus median, basis points5.0Since 8 April 2008126 of 965786 of 9652.0
High minus median, basis points5.0All 1313 since 31 July 2001148 of 13131106 of 13131.5

The table scrolls sideways; the first column stays in place.

What this number cannot tell you
  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The cost over the bill's life in other terms. The discount rate is Treasury's quoting convention; the investment rate states the same result as a bond-equivalent yield.
  • Demand on another day. Bill sizes change week to week, so a bid-to-cover ratio is comparable only with care.

Every 4-week bill auction, page 1 of 7

Auctions with results since 31 July 2001: 1,314.

4-week bill auctions, newest first
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
4-Week, reopening3.8903.9562.83100.000105.09263.94.831.4
4-Week, reopening3.8503.9152.6190.00097.44046.23.450.4
4-Week, reopening3.8203.8853.0290.00097.64869.93.127.0
4-Week, reopening3.7753.8392.8190.00097.06071.83.924.3
4-Week, reopening3.7003.7622.9790.00095.38567.63.429.0
4-Week, reopening3.6503.7112.73100.000108.52366.02.531.5
4-Week, reopening3.6403.7012.84110.000117.02665.53.331.3
4-Week, reopening3.6253.6862.77110.000118.17257.17.935.0
4-Week, reopening3.6403.7012.68110.000115.12455.84.040.1
4-Week, reopening3.6303.6912.80110.000116.01165.04.031.0
4-Week, reopening3.7303.7932.79110.000116.59265.54.729.8
4-Week, reopening3.6603.7212.57110.000116.44753.75.540.8
Show 188 more rows
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
4-Week, reopening3.6303.6912.64100.000106.18756.64.638.8
4-Week, reopening3.6053.6652.7285.00088.19067.03.829.2
4-Week, reopening3.6103.6702.7470.00075.49265.13.631.2
4-Week, reopening3.5803.6402.9970.00074.33372.33.224.5
4-Week, reopening3.5953.6553.1370.00074.68170.62.027.4
4-Week, reopening3.6153.6763.0775.00079.02951.62.446.0
4-Week, reopening3.6303.6912.7685.00088.33554.15.940.0
4-Week, reopening3.6103.6702.60100.000103.90161.13.735.2
4-Week, reopening3.6053.6652.66100.000104.19657.16.136.8
4-Week, reopening3.6103.6702.5990.00090.84147.16.346.6
4-Week, reopening3.6003.6602.9280.00082.29069.62.428.0
4-Week, reopening3.5953.6552.9880.00081.06564.72.233.1
4-Week, reopening3.5953.6553.1280.00080.57578.41.320.3
4-Week, reopening3.5603.6193.2880.00080.89279.93.716.4
4-Week, reopening3.6203.6813.1580.00080.42674.22.823.0
4-Week, reopening3.6203.6813.0385.00085.89571.62.725.7
4-Week, reopening3.6153.6763.1290.00090.62277.80.821.4
4-Week, reopening3.6403.7012.77100.000100.74964.92.033.0
4-Week, reopening3.6403.7012.89105.000105.32866.12.531.4
4-Week, reopening3.6253.6862.88105.000106.80869.41.928.7
4-Week, reopening3.6253.6862.94105.000105.29467.73.928.4
4-Week, reopening3.6303.6912.78105.000105.27866.13.130.8
4-Week, reopening3.6303.6912.85105.000105.30771.73.325.0
4-Week, reopening3.6303.6912.86105.000105.39075.34.820.0
4-Week, reopening3.6303.6912.86105.000105.28362.25.232.6
4-Week, reopening3.5953.6552.9295.00095.26668.74.027.3
4-Week, reopening3.5503.6093.1880.00080.24662.45.632.0
4-Week, reopening3.5903.6502.9080.00080.25157.45.137.5
4-Week, reopening3.5703.6303.1480.00080.27674.14.221.7
4-Week, reopening3.5803.6403.2880.00080.25871.84.923.3
4-Week, reopening3.6103.6702.9785.00085.26662.15.432.5
4-Week, reopening3.6803.7422.6990.00090.27653.96.839.3
4-Week, reopening3.9053.9712.77100.000100.31168.14.127.8
4-Week, reopening3.8903.9562.75110.000110.29666.24.829.0
4-Week, reopening3.9003.9662.73110.000110.29664.36.029.8
4-Week, reopening3.8753.9402.73110.000110.30161.84.733.4
4-Week, reopening3.9103.9762.64110.000110.35860.74.934.4
4-Week, reopening3.9454.0122.73110.000110.31065.63.530.8
4-Week, reopening4.0304.0992.79110.000110.30268.03.628.4
4-Week, reopening4.0304.0992.92110.000110.29961.86.032.3
4-Week, reopening4.0604.1292.67105.000105.29958.65.835.6
4-Week, reopening4.0804.1502.61100.000100.28556.05.838.2
4-Week, reopening4.0404.1092.71100.000100.28460.66.932.5
4-Week, reopening4.0604.1292.64100.000100.28263.84.831.4
4-Week, reopening4.1754.2472.78100.000100.27760.76.233.1
4-Week, reopening4.2454.3182.68100.000100.26362.45.831.8
4-Week, reopening4.3004.3742.61100.000100.27162.64.932.5
4-Week, reopening4.2804.3542.67100.000100.27261.74.034.3
4-Week, reopening4.3004.3742.82100.000100.27064.43.432.1
4-Week, reopening4.2904.3642.6395.00095.25867.43.129.4
4-Week, reopening4.2454.3182.6995.00095.26968.02.929.1
4-Week, reopening4.2304.3032.9190.00090.27076.74.718.6
4-Week, reopening4.2354.3083.0880.00080.26074.25.120.8
4-Week, reopening4.2404.3133.2655.00055.23978.62.818.6
4-Week, reopening4.0004.0683.0660.00060.25174.92.822.3
4-Week, reopening4.0604.1293.1565.00065.25778.92.918.1
4-Week, reopening4.0804.1503.2265.00065.25281.55.113.4
4-Week, reopening4.1704.2423.2665.00065.26074.33.821.8
4-Week, reopening4.2154.2882.9275.00075.27468.14.227.6
4-Week, reopening4.2204.2932.7885.00085.27966.43.030.5
4-Week, reopening4.2204.2932.9185.00085.27468.32.529.2
4-Week, reopening4.2254.2982.8285.00085.28061.33.135.6
4-Week, reopening4.2404.3132.7485.00085.28660.03.736.3
4-Week, reopening4.2204.2932.9085.00085.27969.43.327.3
4-Week, reopening4.2404.3132.9185.00085.27168.52.529.0
4-Week, reopening4.2454.3182.9585.00085.28273.32.124.7
4-Week, reopening4.2404.3133.1480.00080.27575.52.621.9
4-Week, reopening4.2204.2933.1475.00075.25674.42.523.1
4-Week, reopening4.2154.2883.2175.00075.25466.13.530.4
4-Week, reopening4.2254.2983.0575.00075.25663.23.133.7
4-Week, reopening4.2304.3033.0075.00075.26167.72.929.5
4-Week, reopening4.2354.3083.1080.00080.26571.03.026.0
4-Week, reopening4.2454.3182.9285.00085.26266.33.030.8
4-Week, reopening4.2504.3232.9390.00090.26960.13.136.8
4-Week, reopening4.2504.3232.6295.00095.28358.32.838.9
4-Week, reopening4.2504.3233.0295.00095.27974.33.622.1
4-Week, reopening4.2654.3392.8895.00095.27661.14.134.8
4-Week, reopening4.2404.3132.7495.00095.27460.74.434.8
4-Week, reopening4.2454.3182.9295.00095.28068.13.528.4
4-Week, reopening4.2654.3392.6885.00085.27051.86.541.7
4-Week, reopening4.2604.3342.9775.00075.25768.93.827.4
4-Week, reopening4.2304.3032.9380.00080.25368.23.728.1
4-Week, reopening4.2404.3133.1480.00080.27368.53.128.4
4-Week, reopening4.4004.4762.7485.00085.27956.34.339.4
4-Week, reopening4.5504.6302.8195.00095.28175.62.521.9
4-Week, reopening4.5304.6092.6895.00095.27661.83.035.2
4-Week, reopening4.5104.5892.7795.00095.27966.83.429.8
4-Week, reopening4.5154.5942.6395.00095.27563.85.530.7
4-Week, reopening4.5804.6602.8295.00095.26768.64.027.4
4-Week, reopening4.6504.7322.8395.00095.26469.43.726.9
4-Week, reopening4.7004.7832.9095.00095.29471.63.525.0
4-Week, reopening4.7504.8342.7495.00095.30565.44.230.4
4-Week, reopening4.7554.8392.5095.00095.29554.13.942.0
4-Week, reopening4.7004.7832.8190.00090.29069.13.127.8
4-Week, reopening4.7004.7832.8780.00080.27061.74.334.0
4-Week, reopening4.9655.0532.9280.00080.26268.47.624.0
4-Week, reopening5.0805.1713.0380.00080.25169.94.525.6
4-Week, reopening5.1705.2632.8385.00085.25765.94.529.7
4-Week, reopening5.2405.3352.6795.00095.26252.97.239.9
4-Week, reopening5.2605.3552.9095.00095.30163.87.628.6
4-Week, reopening5.2855.3812.7795.00095.29470.22.827.0
4-Week, reopening5.2855.3812.8790.00090.28464.53.632.0
4-Week, reopening5.2855.3812.7790.00090.27863.53.632.9
4-Week, reopening5.2705.3652.5990.00090.25258.14.237.7
4-Week, reopening5.2705.3652.6990.00090.23064.94.230.9
4-Week, reopening5.2805.3752.8185.00085.22168.73.527.8
4-Week, reopening5.2705.3652.5580.00080.21759.75.734.6
4-Week, reopening5.2305.3242.9370.00070.29169.13.927.0
4-Week, reopening5.2605.3552.9570.00070.29367.42.829.8
4-Week, reopening5.2705.3652.8170.00070.28659.13.936.9
4-Week, reopening5.2705.3652.8370.00070.28258.96.234.8
4-Week, reopening5.2705.3652.7780.00080.29466.33.530.2
4-Week, reopening5.2705.3652.7380.00080.24660.34.235.5
4-Week, reopening5.2705.3652.9380.00080.23867.14.927.9
4-Week, reopening5.2755.3702.9170.00070.22260.05.634.4
4-Week, reopening5.2755.3703.1470.00070.22670.66.023.4
4-Week, reopening5.2805.3752.9070.00070.27565.26.028.8
4-Week, reopening5.2705.3652.9570.00070.27366.56.127.4
4-Week, reopening5.2655.3603.1370.00070.26959.48.731.9
4-Week, reopening5.2855.3812.7475.00075.28258.46.135.5
4-Week, reopening5.2705.3653.0085.00085.09766.84.428.8
4-Week, reopening5.2805.3752.7995.00095.09859.94.535.6
4-Week, reopening5.2805.3752.7695.00095.09554.34.441.3
4-Week, reopening5.2855.3812.8095.00095.09760.22.637.2
4-Week, reopening5.2855.3952.8095.00095.46867.13.129.8
4-Week, reopening5.2805.3902.7595.00095.47059.14.136.8
4-Week, reopening5.2805.3902.9795.00095.45563.32.734.0
4-Week, reopening5.2805.3902.7895.00095.46859.64.635.8
4-Week, reopening5.2805.3902.8690.00090.42561.23.135.7
4-Week, reopening5.2855.3952.8185.00085.44651.93.045.1
4-Week, reopening5.2805.3902.7880.00080.40847.65.347.1
4-Week, reopening5.2905.4002.9680.00080.42056.34.639.1
4-Week, reopening5.3255.4362.3580.00080.41538.33.658.2
4-Week, reopening5.2655.3752.6880.00080.37856.07.836.2
4-Week, reopening5.2705.3802.8680.00080.37063.55.331.2
4-Week, reopening5.2855.3953.0880.00080.37859.54.636.0
4-Week, reopening5.2905.4002.7580.00080.38354.46.139.5
4-Week, reopening5.3005.4112.5885.00085.71454.84.041.2
4-Week, reopening5.2905.4002.7595.00095.66363.34.232.5
4-Week, reopening5.2905.4002.5795.00095.66848.04.447.6
4-Week, reopening5.2905.4002.9195.00095.68665.33.131.6
4-Week, reopening5.2955.4062.9495.00095.62469.63.826.7
4-Week, reopening5.3055.4162.9895.00095.65966.94.728.4
4-Week, reopening5.3255.4362.7995.00095.66670.42.427.2
4-Week, reopening5.3105.4212.9590.00090.68864.12.733.2
4-Week, reopening5.2905.4002.9585.00085.73457.14.138.8
4-Week, reopening5.2805.3902.8080.00080.53953.14.842.1
4-Week, reopening5.2855.3952.6680.00080.51145.93.550.6
4-Week, reopening5.2805.3902.7080.00080.53757.52.440.1
4-Week, reopening5.2805.3902.9580.00080.49361.11.737.2
4-Week, reopening5.2855.3952.8980.00080.95961.52.436.1
4-Week, reopening5.2805.3902.6780.00080.92954.53.242.3
4-Week, reopening5.2805.3902.6275.00075.94749.56.544.1
4-Week, reopening5.2755.3852.8070.00070.90053.04.742.3
4-Week, reopening5.2755.3853.1870.00070.89160.23.736.1
4-Week, reopening5.2555.3652.6670.00070.77952.86.141.1
4-Week, reopening5.2105.3182.7970.00070.83355.44.640.1
4-Week, reopening5.1505.2572.5470.00070.82947.31.950.7
4-Week, reopening5.0855.1902.5370.00070.78753.93.043.2
4-Week, reopening5.0105.1132.9370.00070.79367.42.230.4
4-Week, reopening5.0105.1133.0365.00065.83658.61.839.6
4-Week, reopening5.0905.1952.4960.00060.81539.06.354.7
4-Week, reopening5.1305.2372.8535.00035.68144.03.252.8
4-Week, reopening5.7505.8722.7935.00035.83554.02.643.4
4-Week, reopening5.3705.4823.1535.00035.89055.53.241.3
4-Week, reopening5.6055.7233.1835.00036.02443.35.251.5
4-Week, reopening5.8405.9642.5150.00051.18142.110.047.9
4-Week, reopening3.8303.9052.5050.00051.15459.44.835.8
4-Week, reopening3.1903.2513.0150.00051.19671.21.627.2
4-Week, reopening4.0304.1103.0860.00061.39172.32.525.2
4-Week, reopening4.4404.5302.8160.00061.25862.12.235.7
4-Week, reopening4.6004.6932.6360.00061.28862.01.236.8
4-Week, reopening4.1504.2332.5460.00061.19661.52.236.3
4-Week, reopening4.2204.3042.4360.00061.30455.61.542.9
4-Week, reopening4.6404.7342.7565.00066.18665.60.034.4
4-Week, reopening4.5904.6832.5375.00076.30353.52.344.3
4-Week, reopening4.5154.5942.6375.00076.30465.62.132.4
4-Week, reopening4.5104.5892.7775.00076.48265.51.433.1
4-Week, reopening4.5204.5992.6375.00075.98961.60.837.6
4-Week, reopening4.4904.5682.4775.00076.14655.73.540.8
4-Week, reopening4.5004.5792.5975.00075.92554.42.443.2
4-Week, reopening4.4804.5582.4170.00071.12654.91.144.0
4-Week, reopening4.3704.4462.7660.00061.04553.52.643.9
4-Week, reopening4.1004.1702.7945.00046.13768.61.829.6
4-Week, reopening3.8303.8952.6445.00045.94452.21.646.2
4-Week, reopening3.6103.6702.8845.00046.22069.70.829.5
4-Week, reopening3.7803.8443.1645.00046.21173.41.924.7
4-Week, reopening3.6503.7113.1945.00046.47770.40.029.6

The table scrolls sideways; the first column stays in place.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government

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