Daily brief: September 22, 2026
5 releases in the September 22, 2026 editor's cut: M2 rose to $23,342.8 billion in August; The 10-year Treasury yield was 4.96 percent on September 21; Richmond Fed manufacturing index fell to -2 in September; and 2 more. Each has its own page. 1 further item below.
On their own pages
- M2 rose to $23,342.8 billion in August
The Federal Reserve Board's Money Stock Measures release published September 22, 2026, put seasonally adjusted M2 at 23,342.8 billion dollars in August, after a revised 23,217.9 billion in July. Seasonally adjusted M1 was 19,991.1 billion dollars, after 19,886.5 billion. The monetary base was 5,411.6 billion dollars, after 5,523.9 billion. Currency in circulation was 2,475.6 billion dollars and reserve balances were 2,936.0 billion.
- The 10-year Treasury yield was 4.96 percent on September 21
The Federal Reserve Board's H.15 Selected Interest Rates dated September 22 lists figures through September 21. The 10-year Treasury constant maturity yield was 4.96 percent, after 5.01 percent on September 18. The 2-year was 4.76 percent, unchanged from September 18. The 30-year was 5.29 percent, after 5.34 percent. The effective federal funds rate was 3.88 percent, unchanged. Bank prime remained 7.00 percent and discount-window primary credit remained 4.00 percent. The September 22 column is not on the table.
- Richmond Fed manufacturing index fell to -2 in September
The Federal Reserve Bank of Richmond said Fifth District manufacturing activity edged down in September. The composite manufacturing index dropped to -2 from 4 in August. Shipments fell to -5 from 11 and new orders to -6 from 3. The employment index increased to 7 from -2. Local business conditions fell to -6 from 4. The expectations index for employment dropped to 8 from 20.
- Treasury sold $69 billion of 2-year notes at a 4.787 percent high yield
The Treasury Department's 2-year note auction today sold $69 billion of notes (CUSIP 91282CRP8, series BH-2028) at a 4.787 percent high yield and a 4.75 percent coupon. Bid-to-cover was 2.63. Price was 99.930225. Total tenders were $191,651,805,600 and total accepted $79,388,014,800, including $10,387,942,900 accepted by SOMA outside the public offering. Last month's 2-year note (CUSIP 91282CRH6) stopped at a 4.204 percent high yield with bid-to-cover 2.60. The new notes issue September 30 and mature September 30, 2028.
- Total public debt outstanding was $40.112 trillion on September 21
Treasury Fiscal Data's Debt to the Penny listed total public debt outstanding at 40112118151111.92 dollars as of September 21, compared with 40101500516712.09 dollars on September 18. Debt held by the public was 32402191477341.65 dollars, compared with 32401926526743.72 dollars on September 18. Intragovernmental holdings were 7709926673770.27 dollars, compared with 7699573989968.37 dollars on September 18. The one-business-day increase of 10617634399.83 dollars mixed a 0.26 billion dollar rise in debt held by the public with a 10.35 billion dollar rise in intragovernmental holdings.
Jefferson: over 60 percent of discount-window requests now go through DWD
Vice Chair Philip N. Jefferson said today at the 2026 U.S. Treasury Market Conference at the New York Fed that discount-window modernization should make borrowing faster and less operationally burdensome so healthy banks hesitate less. He said Discount Window Direct, launched in 2024, now takes over 60 percent of discount-window loan requests. He described three tracks: business-process standardization across Reserve Banks, automation through the portal, and interoperability with the Federal Home Loan Banks so collateral can be re-allocated faster. He said a reliable discount window reduces forced sales of Treasury securities in stress and supports repo and federal-funds functioning. The views are his own.
- Discount-window loan requests submitted through Discount Window Direct
- 60%
Source: Discount Window Modernization and Treasury Market Functioning — Board of Governors of the Federal Reserve System.
all 1 figure found at the source
- found Discount-window loan requests submitted through Discount Window Direct = 60% — at Board of Governors of the Federal Reserve System
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