The U.S. Treasury auctions $213 billion of fixed- and floating-rate notes Oct. 26–29, the same week the Federal Reserve meets. Last month's 5-year note sold at a 5.033% yield, the highest at that auction since June 2006, and the 7-year at 5.085%, the highest since the 7-year returned in 2009.
The four sales settle Nov. 2. Treasury lists $254.1 billion of marketable notes and bonds maturing Oct. 31.
A year earlier, the October 2025 auctions of 2-, 5- and 7-year notes sold at 3.504%, 3.625% and 3.790%.
On Oct. 23, Treasury's daily yield curve put the 2-year at 4.69%, the 5-year at 4.82% and the 7-year at 4.89%.
When are the October 2026 Treasury note auctions?
Treasury set the sizes in offering announcements on Oct. 22. Competitive bids close Oct. 26 at 1 p.m. ET for $69 billion of 2-year notes, Oct. 27 at 1 p.m. ET for $70 billion of 5-year notes, Oct. 28 at 11:30 a.m. ET for $30 billion of 2-year floating-rate notes and Oct. 29 at 1 p.m. ET for $44 billion of 7-year notes.
The three fixed-rate sizes have not changed since April 2024. A floating-rate note's interest resets every week with the 13-week Treasury bill auction rate, plus a spread fixed at the sale.
How did the September 2-, 5- and 7-year note auctions go?
All winning bidders get the same rate, the high yield, which is the highest bid Treasury accepted. In the Sept. 22–24 sales, the 2-year drew 4.787%, the highest at that auction since May 2024. The 5-year drew 5.033% and the 7-year 5.085%.
The bid-to-cover ratio, or dollars bid per dollar sold, was 2.21 at the 5-year sale, the lowest at that auction since December 2018. It was 2.63 for the 2-year and 2.42 for the 7-year.
The Fed's policy committee announces its decision Oct. 28 at 2 p.m. ET, after raising its target range to 3.75%–4% in September. The Bureau of Economic Analysis releases its first estimate of third-quarter GDP Oct. 29 at 8:30 a.m. ET, before the 7-year sale.
Sources: U.S. Treasury, Bureau of the Fiscal Service, offering announcements, Oct. 22, 2026 (2-year note, 5-year note, 2-year FRN and 7-year note), auction results, Sept. 22–24, 2026 (2-year, 5-year and 7-year notes), TreasuryDirect auction query for note auctions 2000–2026, Treasury Feb. 4, 2009, refunding statement, Floating Rate Notes and Daily Treasury Par Yield Curve Rates, Oct. 23, 2026; Federal Reserve, FOMC calendars, October 2026 calendar and Sept. 16, 2026, statement; BEA, release schedule. Records compare each September 2026 high yield or bid-to-cover ratio with all prior auctions of the same note (Silvia calc).
Silvia News is for information only and is not investment advice.
