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What was the rate at the latest 8-week Treasury bill auction?

The 8-week bill auctioned on sold at a discount rate of 3.990% (investment rate 4.071%), bid-to-cover 2.70.

Discount rate

3.990%

1 October 2026 · Auction results

Investment rate

4.071%

Bond-equivalent

Bid-to-cover

2.70

1 October 2026 · Auction results

Sold

$99.84 billion

$95 billion offered

When is the next 8-week bill auction?

Tentative 8-week bill auction dates
AuctionIssueAnnouncementSettles
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Tentative 8-week bill auction dates (continued)
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 8-week bill auctions; the latest was 2.70

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 8-week bill auctions; the latest was 2.702.32.52.83.03.33.5Latest 2.7020262026Bid-to-cover of the last 36 8-week bill auctions; the latest was 2.702.32.52.83.03.32.7020262026

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 8-week bill auctions
AuctionBid-to-cover
2.70
2.76
2.94
2.82
3.02
2.77
3.06
2.85
2.74
2.74
2.31
2.84
2.95
2.70
2.79
2.57
2.94
3.20
3.08
2.77
2.72
2.91
2.79
2.91
3.22
3.16
3.26
3.14
2.83
3.10
3.21
2.80
2.82
2.88
2.64
2.87

Discount rate of the last 36 8-week bill auctions; the latest was 3.990%

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

Discount rate of the last 36 8-week bill auctions; the latest was 3.990%3.403.603.804.00Latest 3.990%20262026Discount rate of the last 36 8-week bill auctions; the latest was 3.990%3.503.603.703.803.904.003.99020262026
The numbers behind this chart
These auctions as a table
Discount rate of the last 36 8-week bill auctions, %
AuctionDiscount rate, %
3.990
3.990
3.920
3.845
3.750
3.670
3.655
3.665
3.710
3.675
3.795
3.650
3.635
3.650
3.660
3.640
3.610
3.610
3.615
3.600
3.610
3.595
3.620
3.605
3.615
3.575
3.620
3.630
3.635
3.625
3.630
3.630
3.630
3.630
3.630
3.635

The latest auction against its own history

  • Direct bidders' share: Highest for a 8-week bill since 13 November 2025 (45 auctions in between).
Each measure against earlier 8-week bill auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.70Last 12 auctions11 of 121 of 122.83
Bid-to-cover ratio2.70Last 24 auctions21 of 242 of 242.83
Bid-to-cover ratio2.70All 416 since 16 October 2018341 of 41669 of 4162.91
High discount rate3.990Last 12 auctions0 of 1211 of 123.692
High discount rate3.990Last 24 auctions0 of 2423 of 243.650
High discount rate3.990All 416 since 16 October 2018147 of 416268 of 4163.148
Indirect bidders' share56.8Last 12 auctions9 of 123 of 1262.7
Indirect bidders' share56.8Last 24 auctions19 of 245 of 2462.7
Indirect bidders' share56.8All 416 since 16 October 2018157 of 416259 of 41654.0
Direct bidders' share7.1Last 12 auctions0 of 1212 of 124.6
Direct bidders' share7.1Last 24 auctions0 of 2424 of 244.0
Direct bidders' share7.1All 416 since 16 October 201868 of 416348 of 4163.8
Primary dealers' share36.1Last 12 auctions4 of 128 of 1232.9
Primary dealers' share36.1Last 24 auctions7 of 2417 of 2432.9
Primary dealers' share36.1All 416 since 16 October 2018302 of 416114 of 41642.1
High minus median, basis points4.0Last 12 auctions2 of 129 of 123.0
High minus median, basis points4.0Last 24 auctions3 of 2419 of 242.5
High minus median, basis points4.0All 416 since 16 October 201863 of 416335 of 4162.5

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 8-week bill auction, page 1 of 3

Auctions with results since 16 October 2018: 417.

8-week bill auctions, newest first
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
8-Week, reopening3.9904.0712.7095.00099.83856.87.136.1
8-Week, reopening3.9904.0712.7685.00092.02658.86.035.2
8-Week, reopening3.9203.9992.9485.00092.22262.44.832.8
8-Week, reopening3.8453.9222.8285.00091.66866.36.027.7
8-Week, reopening3.7503.8243.0285.00090.08770.24.625.2
8-Week, reopening3.6703.7422.7790.00097.67157.33.439.3
8-Week, reopening3.6553.7273.06100.000106.38766.72.730.7
8-Week, reopening3.6653.7372.85100.000107.42956.56.137.4
8-Week, reopening3.7103.7832.74100.000104.65954.46.339.3
8-Week, reopening3.6753.7472.74100.000105.46462.94.033.1
8-Week, reopening3.7953.8712.31100.000105.99239.74.655.6
8-Week, reopening3.6503.7222.84100.000105.86167.63.928.4
Show 188 more rows
8-week bill auctions, newest first (continued)
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
8-Week, reopening3.6353.7062.9595.000100.87774.64.521.0
8-Week, reopening3.6503.7222.7085.00088.19161.73.934.4
8-Week, reopening3.6603.7322.7975.00080.88469.52.627.9
8-Week, reopening3.6403.7122.5775.00079.64351.54.044.6
8-Week, reopening3.6103.6812.9475.00080.01669.62.328.1
8-Week, reopening3.6103.6813.2075.00079.02865.13.031.9
8-Week, reopening3.6153.6863.0880.00083.14064.73.132.2
8-Week, reopening3.6003.6712.7795.00098.70668.43.827.8
8-Week, reopening3.6103.6812.7295.00098.98754.45.440.2
8-Week, reopening3.5953.6652.9185.00085.79464.26.629.2
8-Week, reopening3.6203.6912.7975.00077.14759.82.138.1
8-Week, reopening3.6053.6762.9175.00075.99960.94.035.1
8-Week, reopening3.6153.6863.2275.00075.53962.52.535.0
8-Week, reopening3.5753.6453.1675.00075.83670.65.224.2
8-Week, reopening3.6203.6913.2675.00075.39959.45.934.7
8-Week, reopening3.6303.7013.1480.00080.84459.06.534.6
8-Week, reopening3.6353.7062.8385.00085.58757.44.837.8
8-Week, reopening3.6253.6963.1090.00090.67463.53.632.9
8-Week, reopening3.6303.7013.2195.00095.29966.33.230.5
8-Week, reopening3.6303.7012.8095.00096.63753.23.743.0
8-Week, reopening3.6303.7012.8295.00095.26754.55.240.2
8-Week, reopening3.6303.7012.8895.00095.25560.04.235.8
8-Week, reopening3.6303.7012.6495.00095.28054.14.541.4
8-Week, reopening3.6353.7062.8795.00095.35367.74.427.9
8-Week, reopening3.6303.7012.8495.00095.25760.64.834.6
8-Week, reopening3.6003.6712.7190.00090.25259.94.335.8
8-Week, reopening3.5403.6092.8580.00080.24756.55.937.7
8-Week, reopening3.5803.6502.8380.00080.25261.64.733.7
8-Week, reopening3.5853.6552.9280.00080.27665.74.629.6
8-Week, reopening3.5853.6553.0180.00080.25861.95.232.9
8-Week, reopening3.6103.6812.7980.00080.25147.85.047.2
8-Week, reopening3.6203.6912.9880.00080.24666.55.128.4
8-Week, reopening3.8403.9172.8785.00085.26563.84.931.3
8-Week, reopening3.8503.9272.6495.00095.25558.95.235.9
8-Week, reopening3.8353.9122.8795.00095.25560.57.632.0
8-Week, reopening3.8153.8912.9095.00095.26064.04.331.7
8-Week, reopening3.8903.9682.8895.00095.31063.73.832.5
8-Week, reopening3.9003.9782.7795.00095.26760.43.735.9
8-Week, reopening3.9604.0402.9195.00095.26165.23.631.2
8-Week, reopening3.9554.0352.8895.00095.25962.13.234.6
8-Week, reopening3.9604.0403.0190.00090.25667.24.028.8
8-Week, reopening4.0004.0812.6585.00085.24260.86.133.2
8-Week, reopening3.9654.0452.7685.00085.24158.37.534.2
8-Week, reopening4.0004.0812.8185.00085.24065.95.628.5
8-Week, reopening4.1004.1842.7985.00085.23654.37.038.7
8-Week, reopening4.1454.2302.9285.00085.22363.54.631.8
8-Week, reopening4.2204.3072.7185.00085.23066.75.727.7
8-Week, reopening4.1854.2712.7285.00085.23154.24.641.2
8-Week, reopening4.2354.3223.1685.00085.22871.53.824.7
8-Week, reopening4.2904.3792.5285.00085.23152.95.341.8
8-Week, reopening4.2654.3532.6385.00085.24159.97.033.1
8-Week, reopening4.2704.3582.6080.00080.24052.54.842.8
8-Week, reopening4.2754.3632.8670.00070.22852.57.240.3
8-Week, reopening4.3004.3893.1045.00045.19652.16.241.7
8-Week, reopening4.3904.4823.2450.00050.21053.211.435.4
8-Week, reopening4.4704.5642.7055.00055.21742.29.148.7
8-Week, reopening4.3804.4712.6755.00055.21334.49.256.4
8-Week, reopening4.2254.3123.3855.00055.22058.03.638.3
8-Week, reopening4.2254.3123.0765.00065.23863.94.531.5
8-Week, reopening4.2354.3222.8975.00075.24756.94.338.8
8-Week, reopening4.2354.3222.8575.00075.24266.52.630.8
8-Week, reopening4.2254.3122.9875.00075.24862.53.434.1
8-Week, reopening4.2204.3073.2875.00075.25272.22.924.9
8-Week, reopening4.2254.3123.0175.00075.24763.63.033.4
8-Week, reopening4.2354.3222.9475.00075.23962.63.533.9
8-Week, reopening4.2354.3223.1075.00075.24870.12.727.2
8-Week, reopening4.2404.3272.8775.00075.25865.82.931.3
8-Week, reopening4.2454.3332.6875.00075.25656.94.538.6
8-Week, reopening4.2154.3022.7475.00075.25354.43.542.1
8-Week, reopening4.2204.3073.0475.00075.25663.83.532.7
8-Week, reopening4.2204.3073.0275.00075.26261.64.134.3
8-Week, reopening4.2354.3222.9875.00075.24863.14.632.3
8-Week, reopening4.2354.3222.8880.00080.24763.32.834.0
8-Week, reopening4.2404.3272.9485.00085.25564.43.032.6
8-Week, reopening4.2404.3272.7790.00090.26863.32.734.0
8-Week, reopening4.2404.3272.6390.00090.26459.55.135.4
8-Week, reopening4.2504.3382.7590.00090.26162.93.733.4
8-Week, reopening4.2354.3222.8990.00090.26059.13.937.0
8-Week, reopening4.2404.3272.8190.00090.26559.89.131.1
8-Week, reopening4.2404.3272.9680.00080.25465.43.331.3
8-Week, reopening4.2654.3532.9070.00070.23970.93.625.6
8-Week, reopening4.2304.3172.9875.00075.23770.44.025.6
8-Week, reopening4.2604.3482.8175.00075.25655.64.539.9
8-Week, reopening4.3504.4403.5080.00080.26275.14.520.4
8-Week, reopening4.5004.5952.6190.00090.26659.73.936.4
8-Week, reopening4.4804.5742.5290.00090.26250.34.145.7
8-Week, reopening4.4604.5542.7790.00090.26569.34.326.4
8-Week, reopening4.4904.5842.5990.00090.26153.85.940.4
8-Week, reopening4.5554.6512.6890.00090.25362.03.334.7
8-Week, reopening4.5904.6872.8390.00090.25266.63.330.2
8-Week, reopening4.6304.7282.6890.00090.27759.93.636.5
8-Week, reopening4.6404.7392.9290.00090.28963.63.832.5
8-Week, reopening4.6554.7542.7290.00090.28063.64.232.2
8-Week, reopening4.6504.7492.4285.00085.27540.34.155.6
8-Week, reopening4.6904.7902.8080.00080.27060.73.835.5
8-Week, reopening4.9905.0992.4580.00080.26236.39.854.0
8-Week, reopening5.0405.1502.7880.00080.25061.94.933.3
8-Week, reopening5.1005.2122.6080.00080.24248.75.945.4
8-Week, reopening5.1255.2382.8390.00090.24865.32.931.8
8-Week, reopening5.1755.2892.7790.00090.28663.03.633.4
8-Week, reopening5.1905.3052.7490.00090.27867.34.228.5
8-Week, reopening5.2305.3462.7485.00085.26655.34.340.4
8-Week, reopening5.2605.3772.8985.00085.26463.23.833.0
8-Week, reopening5.2605.3772.6885.00085.23748.74.047.3
8-Week, reopening5.2605.3772.6385.00085.21759.65.035.4
8-Week, reopening5.2755.3932.7680.00080.20953.34.442.3
8-Week, reopening5.2605.3772.8475.00075.20366.85.028.2
8-Week, reopening5.2605.3772.6570.00070.29158.14.037.9
8-Week, reopening5.2655.3822.9870.00070.29362.82.634.7
8-Week, reopening5.2655.3823.2370.00070.28660.32.936.7
8-Week, reopening5.2755.3932.9470.00070.28465.34.130.5
8-Week, reopening5.2755.3932.6380.00080.29450.26.643.3
8-Week, reopening5.2705.3872.7480.00080.24654.68.337.0
8-Week, reopening5.2755.3932.9880.00080.23759.77.732.5
8-Week, reopening5.2705.3872.9975.00075.23962.45.132.4
8-Week, reopening5.2755.3933.0275.00075.24466.54.928.6
8-Week, reopening5.2755.3932.9075.00075.29558.95.635.5
8-Week, reopening5.2705.3873.1475.00075.29461.26.132.7
8-Week, reopening5.2605.3772.8775.00075.28950.85.443.8
8-Week, reopening5.2755.3932.8980.00080.30263.43.932.7
8-Week, reopening5.2705.3872.9385.00085.09754.13.742.2
8-Week, reopening5.2755.3932.8790.00090.09256.05.138.9
8-Week, reopening5.2805.3982.9090.00090.09157.53.738.8
8-Week, reopening5.2855.4032.7190.00090.09154.73.242.1
8-Week, reopening5.2755.4072.7890.00090.44554.43.142.6
8-Week, reopening5.2705.4022.6690.00090.44657.24.638.2
8-Week, reopening5.2705.4022.7590.00090.43155.83.241.0
8-Week, reopening5.2655.3972.7590.00090.44350.93.645.4
8-Week, reopening5.2755.4072.8590.00090.42446.04.549.4
8-Week, reopening5.2755.4073.0685.00085.44553.23.243.6
8-Week, reopening5.2755.4072.9880.00080.40855.84.040.1
8-Week, reopening5.2855.4182.8080.00080.42060.63.336.1
8-Week, reopening5.2855.4182.5980.00080.41564.51.733.8
8-Week, reopening5.2705.4022.7480.00080.37957.71.241.1
8-Week, reopening5.2755.4072.8380.00080.37051.22.846.0
8-Week, reopening5.2755.4072.8280.00080.37856.53.440.2
8-Week, reopening5.2805.4122.7580.00080.38257.53.239.2
8-Week, reopening5.2805.4122.7380.00080.67460.64.934.4
8-Week, reopening5.2805.4122.6385.00085.59154.94.041.1
8-Week, reopening5.2855.4182.7085.00085.59955.53.541.0
8-Week, reopening5.3005.4332.7085.00085.61360.25.234.6
8-Week, reopening5.3305.4642.5285.00085.55955.83.740.5
8-Week, reopening5.3255.4592.6385.00085.59059.94.036.1
8-Week, reopening5.3455.4802.8885.00085.59764.22.932.9
8-Week, reopening5.3555.4902.4680.00080.61050.35.843.9
8-Week, reopening5.3305.4642.5975.00075.64758.04.437.6
8-Week, reopening5.3005.4332.5870.00070.47145.95.348.8
8-Week, reopening5.2955.4282.7770.00070.44854.93.541.6
8-Week, reopening5.2905.4232.7970.00070.46951.52.945.6
8-Week, reopening5.2905.4232.7770.00070.43060.12.337.6
8-Week, reopening5.2905.4232.8270.00070.83960.72.137.2
8-Week, reopening5.2805.4122.8970.00070.81252.19.938.0
8-Week, reopening5.2805.4122.9665.00065.82157.92.539.6
8-Week, reopening5.2855.4182.7760.00060.77253.64.641.9
8-Week, reopening5.2855.4182.8660.00060.76454.44.341.2
8-Week, reopening5.2555.3872.9960.00060.66860.73.935.5
8-Week, reopening5.2305.3612.8760.00060.71458.51.839.7
8-Week, reopening5.2005.3302.8860.00060.71166.11.932.0
8-Week, reopening5.1905.3192.6160.00060.67449.02.448.5
8-Week, reopening5.1405.2682.7860.00060.68048.02.749.3
8-Week, reopening5.0805.2063.0655.00055.70853.32.544.2
8-Week, reopening5.1205.2472.8650.00050.67953.82.743.5
8-Week, reopening5.2205.3502.8335.00035.68139.23.057.7
8-Week, reopening5.3505.4852.8235.00035.83556.02.941.1
8-Week, reopening5.0205.1442.3935.00035.89034.33.462.3
8-Week, reopening4.6804.7933.0435.00036.02481.30.018.7
8-Week, reopening5.4005.5372.9345.00046.06382.71.016.2
8-Week, reopening4.9405.0612.7045.00046.03957.43.139.6
8-Week, reopening4.8504.9682.4745.00046.07645.62.052.4
8-Week, reopening4.7904.9062.5250.00051.15744.83.451.9
8-Week, reopening4.6504.7622.5050.00051.04852.13.144.7
8-Week, reopening4.6004.7102.4750.00051.07461.50.837.7
8-Week, reopening4.4004.5042.9750.00050.99671.61.526.8
8-Week, reopening4.4504.5562.8550.00051.08771.10.228.6
8-Week, reopening4.8204.9372.3055.00056.00434.52.762.8
8-Week, reopening4.6554.7672.7960.00061.04356.72.041.4
8-Week, reopening4.6604.7592.6460.00061.04458.71.639.7
8-Week, reopening4.6504.7492.5160.00061.18658.81.939.4
8-Week, reopening4.6004.6982.3260.00060.79257.51.141.4
8-Week, reopening4.5054.6002.5660.00060.91755.92.441.7
8-Week, reopening4.5254.6202.5760.00060.74055.82.241.9
8-Week, reopening4.5204.6152.5360.00060.96552.51.446.2
8-Week, reopening4.4654.5592.7355.00055.95854.62.842.6
8-Week, reopening4.4304.5232.2945.00046.13734.53.162.4
8-Week, reopening4.2504.3382.4145.00045.94445.51.952.5
8-Week, reopening3.9854.0662.6845.00046.21964.21.434.4
8-Week, reopening4.0604.1432.7245.00046.21158.92.638.5
8-Week, reopening3.9404.0192.9445.00046.47773.00.027.0

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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