Non-Competitive vs. Competitive Bidding in Treasury Auctions
Understand non-competitive vs. competitive bidding in Treasury auctions, how the single-price clearing yield is set, and award rules for retail buyers.
treasury auctions
Primary Dealers Explained: How Wall Street Transmits Fed Policy
Explore how primary dealers buy Treasuries at auction, execute Fed open market operations, provide secondary market liquidity, and fund operations via repo.
Treasury’s Coupon Storm Hits Right After Warsh’s First FOMC
Treasury sells $24B in 5-year notes hours after the Fed decides June 17, then a 2y/5y/7y trio Jun 23-25 — ~$200B of supply in seven days.
How Treasury Auctions Work: Bid-to-Cover and Tails
How the U.S. Treasury actually raises money: single-price auctions, competitive vs noncompetitive bids, primary dealers, and what tails reveal.