The U.S. Treasury is offering $69 billion of two-year notes at 1 p.m. Eastern today, the largest tenor reopening of the week. When-issued trading put the new notes around 3.656% shortly before the sale, giving investors a fresh reference point after recent market volatility. Demand will be gauged against the past six auctions, which have averaged a 2.59 bid-to-cover ratio and 66.1% indirect participation. July’s two-year sale drew a 2.62 bid-to-cover and 55.3% indirect award, metrics dealers will watch for signs of foreign and investment-fund appetite. Separately, Treasury said it will sell $100 billion of four-week bills on 28 August, settling 2 September, as it continues to rebuild its cash balance following the debt-limit suspension. This week’s auctions come ahead of next month’s quarterly refunding announcement, where investors expect guidance on bill supply and coupon sizes.