U.S. 3-Year Treasury Yield Hits Highest Level Since June Last Year

AirdropBlackHole · 2026-04-07T18:01:18+00:00

On April 8, the U.S. Treasury issued $58 billion in 3-year bonds at a yield of 3.897%, indicating strong demand despite being the highest since June. The allocation to primary dealers decreased while indirect bidders' share rose significantly, reflecting market dynamics.

AirdropBlackHole

2026-04-07 18:01:18

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On April 8, the U.S. Treasury Department issued $58 billion in 3-year Treasury bonds with a winning yield of 3.897%, down from the pre-auction trading level of 3.909% at the bid deadline of 1 PM New York time, indicating demand exceeded expectations. However, the winning yield remains the highest for this maturity since June of last year. Following the auction results, short-term bonds remained stable, roughly maintaining a slight decline for the day, with the 3-year Treasury yield rising by about 1 basis point. The yield curve also remained stable, continuing to show a steepening trend. Primary dealers were allocated 13.3%, lower than the previous auction; indirect bidders’ allocation surged to 74.8%, the highest level since September 2024. Direct bidders’ allocation dropped to 11.9%, the lowest in a year. The bid-to-cover ratio was 2.68 times, compared to an average of 2.66 times in the previous six auctions.

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