← All instruments — the full set 1994
high 4.64 · low 1.33 · now 2.52 · 3 recessions shaded 2026
F10 · DEMAND FOR THE DEBT
Treasury auction demand (coupon bid-to-cover)
2.52
CALM ROBUST z -0.13 DRS 95 weekly as of 2026-05-28
Where it sits: near the middle of its last decade.
The full history
How it is read
- What it measures
- demand for the debt
- Where it sits
- near the middle of its last decade — at the 50th percentile of its last decade.
- z vs. its window
- -0.13 (strain side: down). 886 observations in the window.
- State rule
- z < 1 CALM · 1 ≤ z < 2 WATCH · z ≥ 2 EXTREME, measured only toward the declared strain side.
- 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.
Where it comes from
TREASURY ↗ Every number on this site is reproducible from this primary source.
What it read at past stress points
| Lehman, Sep 2008 | 2.51 | · CALM |
|---|---|---|
| Q4-2018 selloff | 2.31 | ◆ WATCH |
| Curve inversion, Aug 2019 | 2.70 | · CALM |
| COVID crash, Mar 2020 | 2.32 | ◆ WATCH |
Questions it helps answer
- The Debt — Can the debt be carried — and who is carrying it?