The record for this issue
The 20-year cleared with a tail.
85 claims in the draft, each tested by a second agent against the page it cites. 85 held. Nothing had to be cut.
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01
dekconfirmed
Wednesday's $13 billion 20-year reopening
The page says “auction_date 2026-10-21, offering_amt 13000000000, security_term 19-Year 10-Month (reopening of CUSIP 912810UX4)”
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02
dekconfirmed
cleared at 5.469%
The page says “US treasury sells $13 billion of 20 year bonds at a high yield of 5.469%”
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03
dekconfirmed
0.9 basis point above its last quote before bids closed
The page says “WI level at time of auction 5.460%; tail 0.9 bps vs 0.2 bps average”
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04
dekconfirmed
The bond already yields more than the 30-year
The page says “10/21/2026: 20 Yr 5.47, 30 Yr 5.42”
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05
summaryconfirmed
tailed 0.9 basis point at 5.469%
The page says “high yield 5.469%; WI 5.460%; tail 0.9 bps”
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06
summaryconfirmed
A 5-year TIPS sale is Thursday
The page says “auction_date 2026-10-22; security_term 5-Year; inflation_index_security Yes”
Treasury auction data (5-year TIPS), at the passage · whole page
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07
art altconfirmed
Curve rises, peaks at the 20-year, dips slightly toward the long end
The page says “Oct 21 row: 3Mo 4.25, 2Yr 4.81, 5Yr 4.95, 10Yr 5.13, 20Yr 5.47, 30Yr 5.42; Oct 20 row: 2Yr 4.79, 10Yr 5.12, 20Yr 5.47, 30Yr 5.42; Oct 19 row: 20Yr 5.53, 30Yr 5.48”
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08
The storyconfirmed
Treasury sold $13 billion of reopened 20-year bonds on Wednesday, Oct. 21
The page says “auction_date 2026-10-21, offering_amt 13000000000, maturity 2046-08-15”
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09
The storyconfirmed
high yield of 5.469%
The page says “at a high yield of 5.469%”
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10
The storyconfirmed
0.9 bp above the 5.460% when-issued yield just before bids closed
The page says “WI level at time of auction 5.460%; tail 0.9 bps”
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11
The storyconfirmed
investingLive reported at 1:03 p.m. ET
The page says “dated 21/10/2026 17:03 GMT (= 1:03 p.m. EDT)”
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12
The storyconfirmed
Sept. 15 reopening cleared at 5.420% (background)
The page says “auction_date 2026-09-15, high_yield 5.4200”
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13
The storyconfirmed
first sale on Aug. 19 at 5.204% (background)
The page says “auction_date 2026-08-19, security_term 20-Year, high_yield 5.2040”
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14
The storyconfirmed
Bid-to-cover 2.73
The page says “a bid-to-cover ratio of 2.73”
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15
The storyconfirmed
up from 2.57 in September
The page says “drawing a high yield of 5.420 percent and a bid-to-cover ratio of 2.57”
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16
The storyconfirmed
above the 2.64 average of the prior ten sales, RTTNews reported
The page says “the ten previous twenty-year bond auctions averaged a bid-to-cover ratio of 2.64”
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17
The storyconfirmed
Direct bidders 31.6% against 22.9% average
The page says “Directs 31.6% vs 22.9% average”
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18
The storyconfirmed
Indirect bidders 58.2% against 65.2%
The page says “Indirects 58.2% vs 65.2% average”
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19
The storyconfirmed
Dealers 10.3%, below 11.9% average
The page says “Dealers 10.3% vs 11.9% average”
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20
The storyconfirmed
investingLive grade C
The page says “Auction grade: C”
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21
The storyconfirmed
20-year par yield 5.47% at Wednesday's quotes
The page says “10/21/2026 20 Yr 5.47”
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22
The storyconfirmed
five basis points above the 30-year at 5.42%
The page says “10/21/2026 30 Yr 5.42”
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23
The storyconfirmed
34 above the 10-year at 5.13%
The page says “10/21/2026 10 Yr 5.13”
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24
The storyconfirmed
Monday 5.53% against 5.48%
The page says “10/19/2026 20 Yr 5.53, 30 Yr 5.48”
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25
The storyconfirmed
Tuesday 5.47% against 5.42%
The page says “10/20/2026 20 Yr 5.47, 30 Yr 5.42”
-
26
The storyconfirmed
20-year above the 30-year all week
The page says “20 Yr above 30 Yr on 10/19, 10/20 and 10/21”
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27
The storyconfirmed
Treasury's 3:30 p.m. quotes
The page says “obtained by the Federal Reserve Bank of New York at or near 3:30 PM each trading day”
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28
The storyconfirmed
2-year rose two basis points to 4.81%
The page says “2 Yr 4.79 (10/20) -> 4.81 (10/21)”
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29
The storyconfirmed
10-year rose one basis point to 5.13%
The page says “10 Yr 5.12 (10/20) -> 5.13 (10/21)”
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30
The storyconfirmed
30-year unchanged
The page says “30 Yr 5.42 on 10/20 and 10/21”
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31
The storyconfirmed
2s10s narrowed to 32 bp from 33
The page says “5.13-4.81=0.32 (10/21); 5.12-4.79=0.33 (10/20)”
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32
The storyconfirmed
Fed funds effective 3.88% on Oct. 20
The page says “effectiveDate 2026-10-20, percentRate 3.88, targetRateFrom 3.75, targetRateTo 4.00”
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33
The storyconfirmed
3.75% to 4% range set Sept. 16 (background)
The page says “decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent (Sept. 16, 2026)”
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34
The storyconfirmed
12-0 vote
The page says “by a 12 - 0 vote”
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35
The storyconfirmed
Reuters, citing CME FedWatch, 88% chance of a December hike
The page says “pricing in an 88% chance that the Federal Reserve will raise interest rates in December, according to CME's FedWatch Tool”
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36
The storyconfirmed
$26 billion of new 5-year TIPS on Thursday
The page says “auction_date 2026-10-22, offering_amt 26000000000, 5-Year, inflation_index_security Yes”
Treasury auction data (5-year TIPS), at the passage · whole page
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37
The storyconfirmed
competitive bids due at 1 p.m. ET
The page says “closing_time_comp 01:00 PM”
Treasury auction data (5-year TIPS), at the passage · whole page
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38
The storyconfirmed
Spot Brent $115.22 on Oct. 20, EIA data on FRED
The page says “2026-10-20: 115.22”
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39
The storyconfirmed
September CPI released Oct. 14 (background)
The page says “Release date Wednesday, October 14, 2026, 8:30 a.m. ET; reference month September 2026”
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40
The storyconfirmed
CPI rose 3.7% from a year earlier
The page says “The all items index rose 3.7 percent for the 12 months ending September”
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41
The storyconfirmed
The 20-year maturing Aug. 2046
The page says “maturity_date 2046-08-15”
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42
The story, step 1confirmed
Aug. 19 first sale: $16 billion at 5.204%
The page says “2026-08-19, offering_amt 16000000000, high_yield 5.2040”
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43
The story, step 2confirmed
Sept. 15 reopening: $13 billion at 5.420%
The page says “2026-09-15, offering_amt 13000000000, high_yield 5.4200”
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44
The story, step 3confirmed
Oct. 21 reopening: $13 billion at 5.469%, 0.9 bp tail
The page says “$13 billion ... high yield of 5.469%; tail 0.9 bps”
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45
The storyconfirmed
5.460% when-issued yield; 5.469% high yield
The page says “WI 5.460%; high yield 5.469%”
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46
The storyconfirmed
3-month par yield 4.25% on Oct. 21
The page says “10/21/2026 3 Mo 4.25”
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47
The storyconfirmed
2-year par yield 4.81% on Oct. 21
The page says “10/21/2026 2 Yr 4.81”
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48
The storyconfirmed
5-year par yield 4.95% on Oct. 21
The page says “10/21/2026 5 Yr 4.95”
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49
The storyconfirmed
10-year par yield 5.13% on Oct. 21
The page says “10/21/2026 10 Yr 5.13”
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50
The storyconfirmed
20-year par yield 5.47% on Oct. 21
The page says “10/21/2026 20 Yr 5.47”
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51
The storyconfirmed
30-year par yield 5.42% on Oct. 21
The page says “10/21/2026 30 Yr 5.42”
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52
The storyconfirmed
Treasury par yields, Oct. 21, 3:30 p.m. ET
The page says “at or near 3:30 PM each trading day”
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53
The storyconfirmed
A tail is the yield the Treasury pays above the market's last quote
The page says “high yield 5.469% vs WI 5.460% at time of auction = 0.9 bp tail”
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54
The tape before the open, item 1confirmed
2-year 4.81%, +2 bp, 3:30 p.m. ET Oct. 21
The page says “2 Yr 4.79 (10/20) -> 4.81 (10/21)”
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55
The tape before the open, item 2confirmed
10-year 5.13%, +1 bp, 3:30 p.m. ET Oct. 21
The page says “10 Yr 5.12 -> 5.13”
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56
The tape before the open, item 3confirmed
30-year 5.42%, 0 bp, 3:30 p.m. ET Oct. 21
The page says “30 Yr 5.42 -> 5.42”
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57
The tape before the open, item 4confirmed
2s10s 32 bp, -1 bp
The page says “10/21: 5.13-4.81=32 bp; 10/20: 5.12-4.79=33 bp”
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58
The tape before the open, item 5confirmed
Fed funds effective 3.88%, 0 bp, rate for Oct. 20
The page says “2026-10-20 3.88; 2026-10-19 3.88”
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59
The tape before the open, item 6confirmed
EUR/USD ECB reference 1.1234, +0.0019, Oct. 21
The page says “20 Oct 2026 1.1215; 21 Oct 2026 1.1234”
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60
The tape before the open, item 7confirmed
Brent EIA spot $115.22, -$3.60, Oct. 20
The page says “2026-10-19 118.82; 2026-10-20 115.22”
-
61
The tape before the open, item 8confirmed
WTI EIA spot $107.89, -$2.12, Oct. 20
The page says “2026-10-19 110.01; 2026-10-20 107.89”
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62
The tape before the open, item 9confirmed
Gold Dec. futures $4,150.00, +0.2%, settlement Oct. 21
The page says “settled 0.2% higher at $4,150 per ounce”
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63
The tape before the open, item 10confirmed
Nikkei 225 64,621.24, +545.82, Tokyo close Oct. 21
The page says “Oct 20 64,075.42; Oct 21 64,621.24”
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64
The tape before the openconfirmed
Oil rows are the latest on FRED before this issue (Oct. 20)
The page says “page updated Oct 21; latest observation 2026-10-20 (same on DCOILWTICO)”
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65
The tape before the openconfirmed
New York Fed publishes the Oct. 21 rate at approximately 9 a.m.
The page says “publishes the EFFR for the prior business day ... at approximately 9:00 a.m”
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66
The morning in four, item 1confirmed
2-year rose to 4.81%
The page says “2 Yr 4.79 -> 4.81”
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67
The morning in four, item 1confirmed
30-year held at 5.42%
The page says “30 Yr 5.42 on 10/20 and 10/21”
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68
The morning in four, item 1confirmed
2s10s narrowed to 32 bp
The page says “5.13-4.81=32 bp, from 33”
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69
The morning in four, item 1confirmed
The Fed is in its pre-meeting blackout
The page says “begin at 12:00 a.m. Eastern Time the second Saturday before a meeting (Oct. 17 for the Oct. 27-28 meeting)”
Federal Reserve blackout policy, at the passage · whole page
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70
The morning in four, item 2confirmed
France's 10-year borrowing costs at 24-year highs on Wednesday
The page says “pushed its 10-year borrowing costs to 24-year highs”
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71
The morning in four, item 2confirmed
citing anti-government protests and the fiscal outlook
The page says “widespread anti-government protests and a worsening fiscal outlook”
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72
The morning in four, item 2confirmed
euro slipped 0.1% to $1.122
The page says “The euro slipped 0.1% to $1.122”
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73
The morning in four, item 3confirmed
EIA spot Brent fell to $115.22 on Oct. 20 from $118.82
The page says “2026-10-19 118.82; 2026-10-20 115.22”
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74
The morning in four, item 3confirmed
oil rose more than $2 on Wednesday
The page says “Oil prices gained more than $2 a barrel on Wednesday”
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75
The morning in four, item 3confirmed
after Iran said it saw little reason to expect progress with Washington
The page says “Iran said there was little reason to expect diplomatic progress with the US”
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76
The morning in four, item 4confirmed
UK CPI 3.5% in the year to September, from 3.1%
The page says “CPI 12-month rate 3.5% in September 2026, up from 3.1% in August”
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77
The morning in four, item 4confirmed
led by motor fuels
The page says “The largest upward contribution came from transport, particularly motor fuels”
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78
The morning in four, item 4confirmed
markets nearly fully price a 25 bp BoE hike in November
The page says “traders are nearly fully pricing in a 25-basis-point rate hike in November”
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79
What to watchconfirmed
Thursday, Oct. 22
The page says “release dated Thursday, October 22, 2026”
-
80
What to watch, item 1confirmed
8:30 a.m. initial claims for week ending Oct. 17
The page says “advance initial claims, week ending October 17; embargoed until 8:30 a.m. Eastern”
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81
What to watch, item 2confirmed
$26 billion new 5-year TIPS, competitive bids close 1 p.m.
The page says “offering_amt 26000000000; closing_time_comp 01:00 PM; auction_date 2026-10-22”
Treasury auction data (5-year TIPS), at the passage · whole page
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82
What to watch, item 3confirmed
Freddie Mac weekly survey Thursday; last week's 30-year fixed 7.40%
The page says “October 15, 2026: 7.40%”
-
83
What to watch, item 4confirmed
blackout began 12:00 a.m. ET on Oct. 17
The page says “begin at 12:00 a.m. Eastern Time the second Saturday before a meeting (meeting Oct. 27-28; second Saturday before = Oct. 17)”
Federal Reserve blackout policy, at the passage · whole page
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84
What to watch, item 4confirmed
ends 11:59 p.m. ET on Oct. 29, the day after the meeting
The page says “end at 11:59 p.m. Eastern Time the day after a meeting”
Federal Reserve blackout policy, at the passage · whole page
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85
What to watch, item 4confirmed
Oct. 27-28 meeting
The page says “October 27-28”
The checker's notes
- investingLive gives a 2.62x bid-to-cover average; the draft's 2.64 ten-auction average is attributed to RTTNews, which states it. Not an error, but the two outlets' averages differ.
- The Fiscal Data page for the Oct. 21 auction still shows null results; the 5.469%/2.73/allotment figures rest on investingLive and RTTNews, which state them.
- Interpretive lines ('this issue's reading is...', 'The likelier reading is conditional...') are impersonal analysis and conditional outlook, allowed on the Markets desk; no first person, no reader instruction, no position, no political opinion ('anti-government protests' is Reuters' attributed wording).
- The DOL release seen is the Oct. 22 release itself; the draft uses only its scheduled time and reference week, which were public in advance.