US 2-Year FRN Auction High Discount Margin Falls from Previous Month, Demand Lower

11:41 AM EDT, 09/23/2026 (MT Newswires) -- The US Treasury's 2-year FRN auction hit a high discount margin of 0.040% on Wednesday, lower than the 0.055% high in the previous auction. The bid to cover ratio for the auction was 2.63, above the 3.14 ratio in the previous auction. Dealers represented 75.79% of the bids, with direct bidders at 1.50% and indirect bidders at 22.72%. For takedown, dealers took 40.91% and indirect bidders took the remaining 59.09%.