The U.S. Treasury conducted a series of bond and note auctions in June and July 2025, covering maturities from 2-year notes to 30-year bonds and Treasury Inflation-Protected Securities (TIPS). The 30-year bond auction on June 12 saw a high yield of 4.844%, a bid-to-cover ratio of 2.43, and $22 billion sold, with 65.2% of the bonds accepted by indirect bidders and 23.4% by direct bidders. The 20-year bond auction on July 23 had a high yield of 4.935%, a bid-to-cover ratio of 2.79, and $13 billion sold, with indirect bidders taking 67.4% and direct bidders 21.9%. The 10-year note auction on July 9 yielded 4.362% with a bid-to-cover ratio of 2.61 and $39 billion sold, while the 5-year note auction on July 28 had a high yield of 3.983%, a bid-to-cover ratio of 2.31, and $70 billion sold. The 3-year note auction on July 8 reported a high yield of 3.891%, a bid-to-cover ratio of 2.51, and $58 billion sold. The 2-year note auction on July 28 showed a high yield of 3.92%, a bid-to-cover ratio of 2.62, and $69 billion sold. For TIPS, the 5-year auction on June 17 had a high yield of 1.65%, a bid-to-cover ratio of 2.53, and $23 billion sold, while the 10-year TIPS auction on July 24 yielded 1.985% with a bid-to-cover ratio of 2.41 and $21 billion sold. Across these auctions, primary dealers took between 6.55% and 13.37% of the awards, direct bidders' acceptance ranged from 18.8% to 34.4%, and indirect bidders, including foreign buyers, accounted for the majority of the allocations, ranging from approximately 55% to over 74%. The auctions generally showed strong demand with bid-to-cover ratios above 2.3 and yields varying slightly around the when-issued (WI) levels, with some auctions stopping through or tailing by a few basis points. The Treasury continues to raise substantial funds through these debt sales amid a dynamic interest rate environment.