| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Bill demand | 3.46 | 2.84 | 1.90 | 4.88 |
| 4-Week | 3.37 | 2.72 | 1.89 | 7.56 |
| 8-Week | 3.13 | 2.74 | 2.51 | 4.15 |
| 13-Week | 2.94 | 2.92 | 1.78 | 4.93 |
| 17-Week | 2.92 | 3.04 | 2.63 | 3.31 |
| 26-Week | 4.07 | 3.08 | 1.76 | 5.22 |
| 52-Week | 3.15 | 3.14 | 1.85 | 5.34 |
demand = monthly median bid_to_cover per tenor; overall = auction-pooled median across all bill auctions that month (not equal-weight across tenors)Monthly median bid-to-cover ratio for bill auctions (4W, 8W, 13W, 17W, 26W, 52W), from the Treasury auction results dataset. Bid-to-cover is total tendered divided by total accepted. CMBs excluded. Incomplete current months are omitted until month-end so medians are full-month, not MTD.
As of July 2026, the latest reading is 2.84 ratio. That is down 6.4% over the past year and below its long-run median of 2.97 ratio.
A high bid-to-cover means demand comfortably exceeds supply. A low reading, particularly near 1. 0, means the auction was under-subscribed. The tenor lines show which part of the bill curve is drawing or losing demand.
Bid-to-cover is tendered divided by accepted. It is a demand indicator, not a pure demand index: announced size, reopening structure and bill vs coupon mix also move the ratio. Incomplete months are excluded so each point is a full-month median. Treat the chart as context for bill-market demand, not investment advice.
Bill demand gave the first signal of the 2019 repo stress and the 2020 dash-for-cash: bid-to-cover ratios dropped sharply.
As of July 2026, the latest reading is 2.84 ratio. That is down 6.4% over the past year and below its long-run median of 2.97 ratio.
This benchmark is built on monthly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
The chart is built from Bill demand, 4-Week, 8-Week, 13-Week, 17-Week, 26-Week and 52-Week, sourced from the U.S. Department of the Treasury, Fiscal Data.
Cash Management Bills are ad-hoc instruments issued outside the regular calendar.
One tested idea, through the evidence stack. No migration of any kind.