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

11:37 AM EDT, 08/26/2026 (MT Newswires) -- The US Treasury's 2-year FRN auction hit a high discount margin of 0.055% on Wednesday, higher than the 0.050% high in the previous auction. The bid to cover ratio for the auction was 3.14, below the 3.37 ratio in the previous auction. Dealers represented 72.36% of the bids, with direct bidders at 1.37% and indirect bidders at 26.27%. For takedown, dealers took 33.08%, with direct bidders at 0.36% and indirect bidders at 66.56%.