US Treasury sells 10-day cash management bills at up to 3.925%
The US Treasury held a 10-day cash management bill auction with a high rate of 3.925% and bid-to-cover of 3.87. Source: Reuters.
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what happened
The US Treasury Department held a uniform-price auction of 10-day cash management bills, according to results published by Reuters. The high accepted rate was 3.925%, the median 3.900% and the low 3.850%. The investment rate reached 3.984%, and the price was 99.890972.
The Treasury accepted a total of $25.0 billion against $96.67 billion in public bids. The bid-to-cover ratio was 3.87, and 71.99% of bids were filled at the high rate. Competitive bids accepted totaled $24.97 billion, while noncompetitive bids came to $28.4 million. The Federal Reserve made no add-on purchases. The bills are issued October 26, 2026 and mature November 5, 2026, CUSIP 912797UM7.
why it matters
Such auctions are called Dutch or uniform-price auctions, because every winning bidder pays the lowest accepted price rather than its own bid. For money markets, the result signals solid demand for short-dated Treasury paper and offers a reference point for very short-term funding rates.
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sources
- U.S. 10-day cash management bills high rate 3.925% — Reuters, 22 October 2026 at 17:02 UTC
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