What Happened
The U.S. Treasury sold $277 billion of bills across 3 auctions on November 9, 2026.
6-Week bill: $100 billion offered, high discount rate 3.990%, bid-to-cover 2.59, compared with 3.940% and 2.88 at the November 3, 2026 auction.
13-Week bill: $95 billion offered, high discount rate 4.060%, bid-to-cover 2.67, compared with 4.040% and 2.88 at the November 2, 2026 auction.
26-Week bill: $82 billion offered, high discount rate 4.145%, bid-to-cover 2.92, compared with 4.150% and 2.89 at the November 2, 2026 auction.
Why It Matters
Rates rose at 2 and fell at 1 of the 3 bill terms that can be compared with their previous auction. Bill rates are the government's shortest-dated borrowing cost, and money-market funds, banks, and short-term lenders use them as the reference point for pricing overnight and term funding, so a move in bill rates changes the base return on cash and the floor for short-term credit pricing.
The 26-Week bill cleared 15 basis points above the 6-Week bill, which means investors required a higher rate to lend to the government for longer within the bill curve; for borrowers whose loans reset off short-term rates, that slope affects the cost of locking in funding for a few months instead of rolling it.
Source and timing
Figures are from the U.S. Treasury's published bill auction results for November 9, 2026 and the previous auction of each term. Rates shown are high discount rates. These comparisons describe auction results only; they do not identify a cause or predict future auctions.