Treasury 2-Year Auction Bid-to-Cover

## What this measures

At every 2-year note auction, the ratio of dollars bid to dollars awarded. 2.5× means two and a half dollars chased every dollar sold.

## Why it matters

The front end is where rate-path conviction shows up first. Cover falling while issuance rises is the earliest print of buyers stepping back from duration — before it shows in yields.

## Source

TreasuryDirect auction results (public-domain). One point per auction, dated on auction day.