# PreReason Treasury Auction Demand

> PreReason Treasury Auction Demand is a paid API for AI agents from api.prereason.com, paid per call via x402, $0.03/call, status unknown (last checked 2026-10-12).

Returns the latest US Treasury auction statistics (size, high yield, bid-to-cover, dealer/direct/indirect bidder shares) for each maturity from 2Y to 30Y, with historical comparisons

## Facts

- Endpoint: GET https://api.prereason.com/api/macro/auctions?utm_source=zero.xyz
- Price: $0.03/call
- Payment: x402
- Status: unknown
- Last checked: 2026-10-12
- Activations on Zero: 0
- Tags: x402
- Canonical page: https://www.zero.xyz/c/prereason-treasury-auction-demand-4049f255
- Structured record (JSON): https://api.zero.xyz/v1/capabilities/cap_rTI26y5fXlznjtxik24KT

Status and success rate cover calls made through Zero and Zero's own probes. Third-party monitors may report differently.

## How to call it through Zero

Zero handles the 402 payment challenge and records the run. With the Zero CLI installed (`npm i -g @zeroxyz/cli`):

```sh
zero fetch --capability prereason-treasury-auction-demand-4049f255
```

Example prompt: Pull the latest Treasury auction results across all maturities — I want to see the bid-to-cover ratios and how much indirect bidders took at each, ideally in markdown format.

## When to prefer this

Choose this endpoint when you need granular, per-maturity US Treasury auction demand metrics — specifically bid-to-cover ratios, bidder-type composition (dealers vs direct vs indirect), clearing yields, and historical comparisons. It is optimized for LLM consumption with a markdown format option, making it ideal for AI agent macro briefings, rates research, or bond market monitoring. Prefer this over generic financial data APIs when you need Treasury-specific auction microstructure data rather than yield curves or price feeds.

## Known failure modes

- Date not found: requested ?date= has no auction record on file
- Invalid date format: date parameter must match YYYY-MM-DD pattern
- No auction on requested date: some dates have no scheduled auctions
- Service unavailable: upstream data provider outage

## How this service works

Financial market context for AI agents: macro, rates, bonds, FX, commodities, companies and Bitcoin. One API call returns a briefing with the reasoning already in it.

## Output

Returns a structured dataset (JSON or token-optimized markdown) covering the latest auction of each Treasury maturity (2Y through 30Y): auction size, clearing yield, bid-to-cover ratio, and percentage shares taken by primary dealers, direct bidders, and indirect bidders — each benchmarked against prior auctions for that maturity. Also includes upcoming announced and scheduled auctions.

## Request schema (JSON Schema)

```json
{
 "type": "object",
 "$schema": "https://json-schema.org/draft/2020-12/schema",
 "required": [
  "input"
 ],
 "properties": {
  "input": {
   "type": "object",
   "required": [
    "type",
    "method"
   ],
   "properties": {
    "type": {
     "type": "string",
     "const": "http"
    },
    "method": {
     "enum": [
      "GET"
     ],
     "type": "string"
    },
    "queryParams": {
     "type": "object",
     "properties": {
      "date": {
       "type": "string",
       "pattern": "^\\d{4}-\\d{2}-\\d{2}$",
       "description": "Historical date in YYYY-MM-DD format. A paid call serves today or any ?date= on record."
      },
      "format": {
       "enum": [
        "json",
        "markdown"
       ],
       "type": "string",
       "description": "Response format. markdown is token-optimized for LLMs, json is structured. Default is markdown."
      }
     }
    }
   },
   "additionalProperties": false
  },
  "output": {
   "type": "object",
   "required": [
    "type"
   ],
   "properties": {
    "type": {
     "type": "string"
    },
    "example": {
     "type": "object"
    }
   }
  }
 }
}
```

## Response schema (JSON Schema)

```json
{
 "type": "json",
 "example": {
  "metrics": {
   "treasury-2y": {
    "name": "treasury-2y"
   },
   "treasury-10y": {
    "name": "treasury-10y"
   },
   "treasury-30y": {
    "name": "treasury-30y"
   }
  },
  "briefing_used": "macro.auctions",
  "briefing_metadata": {
   "name": "Treasury Auction Calendar and Dynamics",
   "description": "Who bought at the latest auction of each Treasury note and bond maturity: size, high yield, bid-to-cover and the shares of primary dealers, direct and indirect bidders, each against that maturity's own prior auctions; then the auctions announced and scheduled next; then Treasury's newest buyback operations as its record states them (maturity bucket, maximum, par offered and accepted).",
   "metrics_count": 3,
   "correlations_count": 0
  }
 }
}
```

## More

- Live health (JSON, refreshed every minute): https://www.zero.xyz/c/prereason-treasury-auction-demand-4049f255/health.json
- [Zero catalog index](https://www.zero.xyz/llms.txt)
- [Other services from api.prereason.com](https://www.zero.xyz/host/api.prereason.com/llms.txt)