Treasury auctions · 4-week bill

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

The 4-week bill auctioned on sold at a discount rate of 4.000% (investment rate 4.068%), bid-to-cover 2.56.

Discount rate at each 4-week bill auction

1,316 auctions with results since 31 Jul 2001200 on this page

Discount rate at each 4-week bill auction, 22 Dec 2022 to 15 Oct 2026
Discount rate at each 4-week bill auction, 17 Oct 2024 to 15 Oct 2026

The linesLatest:

  • Discount rate4.000%
  • Investment rate4.068%

Bid-to-cover ratio at each 4-week bill auction

1,316 auctions with results since 31 Jul 2001200 on this page

Bid-to-cover ratio at each 4-week bill auction, 22 Dec 2022 to 15 Oct 2026
Bid-to-cover ratio at each 4-week bill auction, 17 Oct 2024 to 15 Oct 2026

Who bought each 4-week bill auction: shares of the competitive bids accepted

1,316 auctions with results since 31 Jul 2001200 on this page

Who bought each 4-week bill auction: shares of the competitive bids accepted, 22 Dec 2022 to 15 Oct 2026
Who bought each 4-week bill auction: shares of the competitive bids accepted, 17 Oct 2024 to 15 Oct 2026

The linesLatest:

  • Indirect bidders63.3%
  • Direct bidders5.8%
  • Primary dealers30.9%

Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".

Select a line to followLatest:

Inspect and compare dates

The latest 4-week bill auction beside the one before it and the nearest ones a year, five and ten years earlier.

The 4-week bill auction of 15 Oct 2026 beside earlier ones
MeasureLatestThe auction beforeA year earlier
Auction
Discount rate, %4.0003.9804.030
Investment rate, %4.0684.0484.099
Bid-to-cover2.562.402.92
Indirect bidders, %63.357.361.8
Direct bidders, %5.86.16.0
Primary dealers, %30.936.632.3
Sold, $ billion117.413119.349110.299

Observed .

Right now

The high discount rate of 4.000% on 15 October 2026 was the highest for a 4-week bill since 16 October 2025.

Higher than 823 of the 967 since 8 April 2008

Its own history

Against the previous 24 4-week bill auctions, the discount rate was higher than all 24.

The direct bidders' share was higher than 19 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted at the 15 Oct 2026 auction.

  • Indirect bidders 63.3%
  • Direct bidders 5.8%
  • Primary dealers 30.9%

Size

Treasury offered $110 billion and sold $117.413 billion on 15 Oct 2026.

Next

Treasury has announced no 4-week bill auction yet; its tentative schedule names these dates.

  • Tentative
  • Tentative
  • Tentative
  • Tentative

See every auction announced and scheduled

Understanding the 4-week bill auction

Where it stands today

The high discount rate was 4.000% at the 4-week bill auction of , with a bid-to-cover ratio of 2.56.

What do these figures measure?

The high discount rate is the highest rate Treasury accepted; every winning bidder gets it. The investment rate states the same result as a bond-equivalent yield. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted.

Read more

What these figures cannot tell

  • 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.

The numbers behind the chart

How does the latest auction compare with earlier ones?Every measure, window by window
  • High discount rate: Highest for a 4-week bill since 16 October 2025 (51 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 ratio2.56Last 12 auctions11 of 121 of 122.80
Bid-to-cover ratio2.56Last 24 auctions23 of 241 of 242.76
Bid-to-cover ratio2.56Since 8 April 2008922 of 96745 of 9673.30
Bid-to-cover ratio2.56All 1315 since 31 July 20011100 of 1315211 of 13153.09
High discount rate4.000Last 12 auctions0 of 1212 of 123.715
High discount rate4.000Last 24 auctions0 of 2424 of 243.630
High discount rate4.000Since 8 April 2008143 of 967823 of 9670.205
High discount rate4.000All 1315 since 31 July 2001230 of 13151083 of 13151.090
Indirect bidders' share63.3Last 12 auctions8 of 124 of 1265.2
Indirect bidders' share63.3Last 24 auctions13 of 2411 of 2464.4
Indirect bidders' share63.3All 967 since 8 April 2008110 of 967857 of 96736.6
Direct bidders' share5.8Last 12 auctions2 of 1210 of 124.0
Direct bidders' share5.8Last 24 auctions5 of 2419 of 243.8
Direct bidders' share5.8All 967 since 8 April 2008469 of 967498 of 9675.6
Primary dealers' share30.9Last 12 auctions8 of 124 of 1231.3
Primary dealers' share30.9Last 24 auctions16 of 248 of 2431.4
Primary dealers' share30.9All 967 since 8 April 2008876 of 96791 of 96756.0
High minus median, basis points7.0Last 12 auctions1 of 1210 of 124.0
High minus median, basis points7.0Last 24 auctions2 of 2419 of 244.0
High minus median, basis points7.0Since 8 April 200856 of 967893 of 9672.0
High minus median, basis points7.0All 1315 since 31 July 200170 of 13151223 of 13151.5

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

What were the results of every 4-week bill auction?Page 1 of 7: 200 auctions, newest first

1,316 4-week bill auctions with results since 31 July 2001; this page holds 200 of them, newest first.

4-week bill auctions, newest first
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
4-Week, reopening4.0004.0682.56110.000117.41363.35.830.9
4-Week, reopening3.9804.0482.40110.000119.34957.36.136.6
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
Show 188 more rows
4-week bill auctions, newest first (continued)
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
4-Week, reopening3.7303.7932.79110.000116.59265.54.729.8
4-Week, reopening3.6603.7212.57110.000116.44753.75.540.8
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

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

When are the next 4-week bill auctions?Treasury's tentative schedule, from its quarterly refunding
Tentative 4-week bill auction dates
AuctionIssueAnnouncementSettles
–
–
–
–
–
–
–
–
–
–
–
–
–
–

Tentative: Treasury plans these dates in its quarterly refunding and may change them; amounts come with each announcement.

What do the figures leave out, and how are they cited?Limits, dates and how to cite

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 to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 15 October 2026. Compiled by 500metrics, "What was the rate at the latest 4-week Treasury bill auction?", https://500metrics.com/treasury/auctions/4-week-bill.

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