Daily brief: September 23, 2026
4 releases in the September 23, 2026 editor's cut: Treasury par curve lists the 10-year at 5.11 percent on September 23; Board selected interest rates list the 10-year at 4.96 percent for September 22; Treasury sold $28 billion of 1-year 10-month FRNs at a 0.040 percent high margin; and 1 more. Each has its own page. 2 further items below.
On their own pages
- Treasury par curve lists the 10-year at 5.11 percent on September 23
The Treasury Department's Daily Treasury Par Yield Curve Rates for September 2026 list a September 23 observation. The 2-year par yield was 4.85 percent, the 5-year was 4.99 percent, the 10-year was 5.11 percent, and the 30-year was 5.40 percent, versus 4.71, 4.83, 4.96, and 5.29 percent on September 22. The 2s10s par spread was 26 basis points after 25. The 10-year moved 15 basis points, above the 10 basis-point bar. Board H.15 dated September 22 still ends at the September 21 column.
- Board selected interest rates list the 10-year at 4.96 percent for September 22
The Board posted the September 23 selected interest rates release at the usual 4:15 p.m. ET window. The latest column is September 22. Effective federal funds were 3.88 percent, unchanged from September 21. The 2-year Treasury constant maturity was 4.71 percent after 4.76 percent, the 10-year was 4.96 percent after 4.96 percent, and the 30-year was 5.29 percent after 5.29 percent. Bank prime stayed at 7.00 percent and discount-window primary credit at 4.00 percent. The print does not yet include September 23; Treasury's same-day par curve already lists that 10-year at 5.11 percent.
- Treasury sold $28 billion of 1-year 10-month FRNs at a 0.040 percent high margin
The Treasury Department's 1-year 10-month floating-rate note reopening on September 23 sold $28 billion of notes (CUSIP 91282CRD5, series BF-2028) at a high discount margin of 0.040 percent. The spread over the index remained 0.050 percent. Bid-to-cover was 2.63. Price was 100.015499. Total tenders were $73,508,324,500 and total accepted $28,000,087,000. SOMA took none. The index determination rate was 4.015 percent as of September 21. August 26's reopening of the same CUSIP stopped at a 0.055 percent high discount margin, with bid-to-cover 3.14. The notes issue September 25 and mature July 31, 2028.
- Total public debt outstanding was $40.098 trillion on September 22
Barr: further policy adjustments likely needed for 2% target
Governor Michael Barr said today at a Chicago Fed housing summit that in his base case, further policy adjustments are likely to be needed to ensure inflation comes down to the 2 percent target in a timely fashion. He said inflation is above target and not clearly trending toward it, that inflation risks have increased while labor-market risks have receded, and that the Fed was out of position before last week's rate increase. He cited the Atlanta Fed Home Ownership Affordability Monitor at 68 in July 2026, below the 100 threshold and the lowest in 21 years. The views are his own.
- Federal Reserve inflation target
- 2%
- Atlanta Fed Home Ownership Affordability Monitor
- 68.0
- CPI rent of primary residence vs December 2019
- 34%
Source: A Long-Term View on the Costs of Shelter — Board of Governors of the Federal Reserve System.
all 3 figures found at the source
- found Federal Reserve inflation target = 2% — at Board of Governors of the Federal Reserve System
- found Atlanta Fed Home Ownership Affordability Monitor = 68.0 — at Board of Governors of the Federal Reserve System
- found CPI rent of primary residence vs December 2019 = 34% — at Board of Governors of the Federal Reserve System
Treasury sold $70 billion of 5-year notes at a 5.033 percent high yield
The Treasury Department's 5-year note auction on September 23 sold $70 billion of 5-year notes (CUSIP 91282CRN3, series AD-2031) at a high yield of 5.033 percent and a 5 percent coupon. Bid-to-cover was 2.21. Price was 99.855714. Total tenders were $165,388,603,000 and total accepted $80,538,513,000, including $10,538,492,700 accepted by SOMA. August 26's 5-year note stopped at a 4.393 percent high yield and a 4.375 percent coupon, with bid-to-cover 2.37. The new notes issue September 30 and mature September 30, 2031. No same-day release package was filed for this auction.
- Offering amount
- $70,000,000,000
- High yield
- 5.03%
- Bid-to-cover ratio
- 2.21
Source: Treasury auction results, 5-year note, September 23, 2026 — U.S. Department of the Treasury, TreasuryDirect.
all 3 figures found at the source
- found Offering amount = $70,000,000,000 — at U.S. Department of the Treasury, TreasuryDirect
- found High yield = 5.03% — at U.S. Department of the Treasury, TreasuryDirect
- found Bid-to-cover ratio = 2.21 — at U.S. Department of the Treasury, TreasuryDirect
Items report what the named sources published in the window; they are not this site's own findings, and a source's framing is not a verdict on who owns the money supply. Figures are as those sources printed them. The methodology says how this page is made and what is checked.