Non-competitive bids in US 8-week and 4-week Treasury bill auctions

what happened

According to Reuters, the US 8-week bill auction issued October 20, 2026 and maturing December 15, 2026 has an offering amount of $105 billion. Non-competitive bids accepted totaled $1,244,829,500, while tentative tendered amounts including those bids reached $2,944,829,500. Roughly $102,055,170,500 remains for competitive bidders. Bids from the Federal Reserve through the System Open Market Account came to $7,075,566,800.

For the 4-week bill with the same issue date and a November 17, 2026 maturity, the offering amount is $110 billion. Accepted non-competitive bids reached $5,618,815,800, and tentative tendered amounts including them were $7,518,815,800. About $102,481,184,200 is left for competitive bids. Federal Reserve SOMA tenders totaled $7,412,498,600.

why it matters

Non-competitive bids are typically placed by investors willing to take the bill at the auction's average rate, so their size reflects demand for short-dated US government debt. The Fed's SOMA tenders in both auctions show the central bank also participating in these short-term issues. For money market funds and short-term rates, these figures offer a gauge of demand and liquidity in the front end of the yield curve.

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