U.S. 5-Year Treasury Note Auction
Published:
U.S. Treasury 5-year note auction — high yield
Full explanation
The U.S. 5-Year Treasury Note Auction is the monthly U.S. Treasury sale of fixed-rate notes with a five-year maturity that pay a semi-annual coupon. The calendar figure is the auction high yield, in percent. The high yield is set by the bidding and is not the note's coupon rate. It is not a Treasury bill auction.
Why traders watch it
Shows demand for medium-term U.S. government debt and where the market prices the rate path over five years.
Stronger vs weaker outcomes
A higher yield than the previous auction means investors demanded more to hold the note; a lower yield means stronger pricing.
Typical volatility
Low. Compare the result with the market yield just before the auction (the tail) rather than only with the previous auction.
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