F10 · DEMAND FOR THE DEBT

Treasury auction demand (coupon bid-to-cover)

2.67

CALM ROBUST absolute thresholds · z 0.39 (context) DRS 95 weekly as of 2026-06-24

Where it sits: 2.67 against fixed thresholds (2.45/2.25). higher than ~73% of its last decade.

The full history

1994 high 4.64 · low 1.33 · now 2.67 · 3 recessions shaded 2026

What it measures: demand for the debt
Where it sits: 2.67 against fixed thresholds (2.45/2.25). higher than ~73% of its last decade: at the 73th percentile of its last decade.
z vs. its window: 0.39 (strain side: down). 890 observations in the window.
State rule: Scored against absolute thresholds: >2.45 calm, 2.25-2.45 watch, <2.25 extreme. Because the reference window is poisoned by the 2020-23 spikes, the z-score is shown for context but does not gate the state.
Confidence: ROBUST : a primary official series, mechanically reported.
Reliability (DRS): DRS 95: Bid-to-cover of completed Note and Bond auctions, averaged per auction date. Announced-but-unheld auctions are excluded.

TREASURY ↗ Every number on this site is reproducible from this primary source.