---
source: U.S. Department of the Treasury / Federal Reserve
url: https://treasurydirect.gov/instit/annceresult/press/
document_type: pdf (auction press releases)
date_retrieved: 2026-03-16
period: March 9–16, 2026
parent_publication: Treasury Auction Results & Daily Treasury Rates
indicators_covered: [3-Month Bill Yield, 6-Month Bill Yield]
---

# U.S. Treasury Bill Auction Results & Secondary Market Rates

## Overview

On March 16, 2026, secondary market rates for 3-month and 6-month Treasury bills were quoted at **3.61%** and **3.57%** respectively. These rates derive from the auction results conducted on **March 9, 2026**, which established the benchmark yields for short-duration Treasury instruments.

## 91-Day Bill Auction Results (3-Month Equivalent)

**Auction Date:** March 9, 2026  
**CUSIP:** 912797QX8  
**Term:** 91-Day Bill  
**Issue Date:** March 12, 2026  
**Maturity Date:** June 11, 2026

### Pricing Summary

| Metric | Value |
|--------|-------|
| **High Rate** | 3.605% |
| **Median Rate** | 3.580% |
| **Low Rate** | 3.500% |
| **Investment Rate (Equivalent Coupon-Issue Yield)** | 3.689% |
| **Allotted at High** | 59.78% |
| **Price per $100 par** | 99.088736 |

### Tender and Acceptance Summary

| Category | Tendered | Accepted |
|----------|----------|----------|
| **Competitive Bids** | $257,934,132,700 | $87,164,955,700 |
| Noncompetitive | $1,836,018,100 | $1,836,018,100 |
| FIMA (Noncompetitive) | $0 | $0 |
| Subtotal | $259,770,150,800 | $89,000,973,800 |
| SOMA | — | $5,068,683,400 |
| **Total** | $264,838,834,200 | $94,069,657,200 |

### Bidder Breakdown

| Bidder Type | Tendered | Accepted |
|-------------|----------|----------|
| Primary Dealer | $175,170,000,000 | $32,482,642,000 |
| Direct Bidder | $9,565,000,000 | $6,524,780,000 |
| Indirect Bidder | $73,199,132,700 | $48,157,533,700 |
| **Total Competitive** | $257,934,132,700 | $87,164,955,700 |

**Bid-to-Cover Ratio:** 2.92  
**Notes:**
- All tenders at rates lower than the high rate were accepted in full.
- Awards to Treasury Retail accounted for $1,040,394,400.
- 50% of accepted competitive tenders were tendered at or below the median rate (3.580%).

---

## 182-Day Bill Auction Results (6-Month Equivalent)

**Auction Date:** March 9, 2026  
**CUSIP:** 912797UF2  
**Term:** 182-Day Bill  
**Issue Date:** March 12, 2026  
**Maturity Date:** September 10, 2026

### Pricing Summary

| Metric | Value |
|--------|-------|
| **High Rate** | 3.535% |
| **Median Rate** | 3.510% |
| **Low Rate** | 3.435% |
| **Investment Rate (Equivalent Coupon-Issue Yield)** | 3.649% |
| **Allotted at High** | 32.35% |
| **Price per $100 par** | 98.212861 |

### Tender and Acceptance Summary

| Category | Tendered | Accepted |
|----------|----------|----------|
| **Competitive Bids** | $236,289,086,000 | $75,273,383,500 |
| Noncompetitive | $1,502,126,600 | $1,502,126,600 |
| FIMA (Noncompetitive) | $225,000,000 | $225,000,000 |
| Subtotal | $238,016,212,600 | $77,000,510,100 |
| SOMA | — | $4,385,265,400 |
| **Total** | $242,401,478,000 | $81,385,775,500 |

### Bidder Breakdown

| Bidder Type | Tendered | Accepted |
|-------------|----------|----------|
| Primary Dealer | $152,835,000,000 | $19,020,087,500 |
| Direct Bidder | $9,025,000,000 | $6,100,000,000 |
| Indirect Bidder | $74,429,086,000 | $50,153,296,000 |
| **Total Competitive** | $236,289,086,000 | $75,273,383,500 |

**Bid-to-Cover Ratio:** 3.09  
**Notes:**
- All tenders at rates lower than the high rate were accepted in full.
- Awards to Treasury Retail accounted for $760,038,500.
- 50% of accepted competitive tenders were tendered at or below the median rate (3.510%).

---

## Secondary Market Quotations (March 16, 2026)

One week after the auctions, on March 16, 2026, secondary market quotations for newly-issued and benchmarked Treasury bills reflected market repricing:

| Maturity | Quoted Yield |
|----------|--------------|
| **3-Month (91-day, benchmark)** | 3.61% |
| **6-Month (182-day, benchmark)** | 3.57% |

These secondary market rates represent the prevailing bid/ask quotations in the over-the-counter market for short-duration Treasury instruments and are derived from indicative prices obtained near **3:30 PM ET** on March 16, consistent with the Federal Reserve's daily rate collection methodology.

---

## Context & Interpretation

### Auction Dynamics

The **91-day bill auction** (3-month equivalent) achieved strong demand, with a bid-to-cover ratio of **2.92x**. Primary dealers accepted $32.5B of the $87.2B in competitive awards, with significant participation from indirect bidders ($48.2B). The high rate of **3.605%** reflected prevailing monetary policy conditions and risk sentiment in the week of March 9.

The **182-day bill auction** (6-month equivalent) showed even stronger demand, with a bid-to-cover ratio of **3.09x**. Indirect bidders dominated, capturing $50.2B of the $75.3B competitive awards, while primary dealers' share was proportionally smaller at $19.0B. The high rate of **3.535%** was lower than the 91-day instrument, consistent with the typical yield curve inversion observed during periods of monetary policy tightening.

### Rate Movement (March 9–16)

Between the auction date (March 9) and the secondary market snapshot (March 16), the 3-month bill yield **increased 5 bps** (3.605% → 3.61%), while the 6-month yield **increased 35 bps** (3.535% → 3.57%). This steepening of the short end of the curve likely reflects either:
1. Market repricing of near-term Fed policy expectations, or
2. Technical supply/demand shifts in the secondary market post-auction.

---

## Data Quality Notes

- **Methodology:** Treasury bill yields are derived from auction-based pricing (high rate) and secondary market quotations (CMT equivalent).
- **Timing:** Auction results released 3:30 PM ET on announcement date; secondary market rates collected at 3:30 PM ET daily.
- **Frequency:** Treasury bills of standard 4-, 13-, 26-, and 52-week tenors are auctioned on a regular schedule; additional short-dated bills (91-day, 182-day) are issued as needed.
- **Source Authority:** U.S. Department of the Treasury Fiscal Service, with secondary market data validated by Federal Reserve Bank of New York.