U.S. 13-Week Treasury Bill Auction
Published:
U.S. Treasury 13-week bill auction — high discount rate
Full explanation
The U.S. 13-Week Treasury Bill Auction is the weekly U.S. Treasury sale of 13-week (about three-month) bills. Bills are short-term discount securities: they pay no coupon and are bought below face value. The calendar figure is the auction's high discount rate, in percent. This is not a coupon-bearing Treasury note or bond, and it is a different series from the 4-, 6-, 8-, 17-, 26- and 52-week bills.
Why traders watch it
A direct read on very short-term U.S. funding costs and expectations for the Federal Reserve's policy rate.
Stronger vs weaker outcomes
A higher rate than the previous auction points to higher expected short-term rates; a lower rate points the other way.
Typical volatility
Low. Each week is a new bill. The high discount rate is not the same as the investment (bond-equivalent) rate Treasury also publishes.
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