Bond Market Holidays 2026 and 2027: Full Trading Calendar

The US bond market, the over-the-counter market where Treasuries, corporate bonds, mortgage-backed securities and municipal debt change hands, does not sit on a single exchange with a single opening bell. Its holiday calendar is set by recommendation: the Securities Industry and Financial Markets Association (SIFMA), the trade body for US dealers and banks, publishes recommended full closes and early closes each year, and dealers follow them almost universally. Core trading runs from 8:00 am to 5:00 pm Eastern Time, which is 1:00 pm to 10:00 pm in London. The next full closure is Labor Day, Monday September 7, 2026, when the market is shut for the whole day.

Two features make the bond calendar different from the stock market calendar. First, the bond market closes on two extra US federal holidays that the New York Stock Exchange and Nasdaq trade straight through: Columbus Day, also called Indigenous Peoples’ Day, in October, and Veterans Day on November 11. Second, when it shortens a session ahead of a holiday it normally stops at 2:00 pm ET (7:00 pm London), an hour later than the 1:00 pm ET early close used by the NYSE and Nasdaq for shares.

SIFMA’s recommendations are voluntary. Each member firm decides for itself whether its fixed income desks stay open, and the recommendations can change if market conditions demand it. The dates below are the confirmed 2026 and 2027 recommendations. Economic data does not always stop when the bond market does, so it is worth checking the release calendar alongside this one: US CPI report dates, US jobs report dates and US PCE report dates.

Bond market holidays 2026

These are the remaining 2026 closures and early closes for US dollar-denominated fixed income trading. Early closes are at 2:00 pm ET unless stated otherwise.

Note that the bond market is closed on Monday October 12 and Wednesday November 11, 2026, while the NYSE and Nasdaq hold normal sessions on both days. Bond exchange-traded funds and bond futures can still be traded on those dates even though the underlying cash market is shut.

Bond market holidays 2027

SIFMA issued its 2026 and 2027 recommendations together on December 17, 2025. The 2027 dates below include the two full-day closures and the early close that fall in the second half of November and December.

Two further US federal holidays that the bond market observes but the stock market does not fall in October and November 2027: Columbus Day, always the second Monday of October, and Veterans Day on November 11. Confirm both, and any Christmas Eve or New Year’s Eve early close, against SIFMA’s published calendar before trading.

Three dates in 2027 are worth circling because the holiday lands on a weekend and the market shifts the closure: Juneteenth falls on Saturday June 19, so the market closes on Friday June 18, and Independence Day falls on Sunday July 4, so the market closes on Monday July 5. Christmas Day falls on Saturday December 25, so the closure moves to Friday December 24.

Early closes and half days

The standard early close in US fixed income is 2:00 pm ET, which is 7:00 pm in London and 11:00 am on the US west coast. The dates that attract one follow a simple pattern:

• The last trading day before Independence Day, Memorial Day, Thanksgiving and Christmas, and the day after Thanksgiving.
• Christmas Eve and New Year’s Eve when they fall on a weekday.
• Good Friday in years when the monthly US employment report is scheduled for that morning. SIFMA’s default recommendation for Good Friday is a full close, but when the jobs report lands at 8:30 am ET on the same day it instead recommends opening and closing early at 12:00 pm ET, as it did for Friday April 3, 2026.

Early closes are not symmetrical with the equity market. The NYSE and Nasdaq stop at 1:00 pm ET on the day after Thanksgiving, Friday November 27, 2026 and Friday November 26, 2027, while bond desks run until 2:00 pm ET. The Friday before Memorial Day is a bond market half day but a full equity session. Liquidity on these days is thin: fewer dealers quote, bid-offer spreads widen, and a large order can move prices more than it would in a normal session.

Trading hours on the US bond market

There is no official opening bell for the cash bond market, because trades are agreed between dealers and clients rather than matched on one central venue. In practice, the market has a settled rhythm.

Treasuries also trade through the Asian and European sessions on electronic platforms, so a yield can move overnight in Tokyo or London before New York desks open at 8:00 am ET. London is normally five hours ahead of New York, Tokyo 13 hours ahead. The key US data releases that drive yields land at 8:30 am ET (1:30 pm London), and Federal Reserve interest rate decisions are announced at 2:00 pm ET (7:00 pm London).

How holidays affect settlement, dividends and options

A closed day is not just a day without prices. It also shifts the plumbing.

• Settlement dates. Most US securities settle on a T+1 basis, meaning one business day after the trade. Treasuries have long settled T+1, and corporate bonds, municipal bonds and shares moved to T+1 in May 2024. Holidays are not business days, so a trade on the Friday before a Monday closure settles on the Tuesday. Note that a previously scheduled early close does not change the settlement cut-off times for that day.
• Coupons and fund distributions. When a coupon payment or a bond fund’s monthly distribution falls on a holiday or weekend, the cash normally arrives on the next business day, with no extra interest for the delay under standard market convention.
• Treasury auctions. The Treasury does not auction bills, notes or bonds on a closed day. Auctions scheduled for a holiday week are usually moved forward or back, which is why the auction calendar looks compressed around Thanksgiving and Christmas.
• Payments and the Federal Reserve. Federal holidays close the Fed and the Fedwire funds and securities services, so no wire transfers, no repo settlement and no cash movement on the day itself, even where a trading desk chooses to stay open.
• Bond ETFs and options. Bond exchange-traded funds are listed on equity exchanges, so on Columbus Day and Veterans Day they trade while the underlying cash market is closed. Pricing then leans on futures and market-maker estimates rather than live dealer quotes, so premiums and discounts to net asset value can widen. Options on Treasury futures follow the CME’s own holiday timetable, which often includes a shortened Globex session rather than a full closure.

Other markets

Different corners of the market keep different hours on the same day, which is why traders talk about a holiday being “partly open”.

• US shares. The NYSE and Nasdaq observe nine full holidays a year and trade normally on Columbus Day and Veterans Day, the two days that split the equity and bond calendars.
• Futures. CME Group runs abbreviated sessions on most US holidays for Treasury, equity index and commodity futures, so price discovery continues even with the cash market shut.
• Crypto. Bitcoin and other digital assets trade 24 hours a day, every day, including Christmas Day and New Year’s Day. On US holidays they often move on thin volume.
• UK and Japan. SIFMA’s recommendations cover the trading of US dollar-denominated fixed income in the UK and Japan as well as the US, so a London dealer in Treasuries observes the US closures even though gilts and the London Stock Exchange trade as normal. The 2027 recommendations for Japan were still subject to confirmation by the Bank of Japan when the calendar was issued.
• Shared holidays. Christmas Day, New Year’s Day and Good Friday close almost every major market together: New York, London, Frankfurt, Paris, Hong Kong and Sydney. Boxing Day, December 26, closes London and Hong Kong but not New York, and Japan trades on Good Friday. Those mismatches are when global liquidity is at its thinnest and when a single large order can produce an outsized price move.

What It Means for Your Money

Bond market holidays rarely change the direction of your savings or investments, but they do change the timing, and timing costs money if you are caught out.

• Transfers and payments. A closed bond market usually coincides with closed US banks. Dollar transfers, bond purchases and pension contributions initiated on a US holiday are processed on the next business day, so a Friday instruction before a Monday holiday can take until Tuesday to settle.
• Mortgages. US fixed mortgage rates track the 10-year Treasury yield and mortgage-backed securities pricing. With the bond market closed, lenders cannot reprice, so rate locks and quotes are typically frozen at the previous day’s level. In the UK, fixed mortgage pricing follows swap rates linked to gilts, which keep trading, but big moves in Treasuries do feed through the next day.
• Savings rates. Money market funds and cash savings accrue interest on calendar days, so you do not lose interest because the market is shut. What stops is the ability to move the money.
• Investments and pensions. Bond funds and pension funds still value their portfolios, but on days with no cash trading the prices used are estimates. Selling a bond fund or a bond ETF into a half day session or a holiday-thinned market can mean a worse price than in a full session.
• The dollar, the pound and the euro. Currency markets stay open on US holidays, but with US dealers away, volumes fall. Sterling and euro moves against the dollar can look exaggerated on those days, which matters if you are buying currency for a holiday or a property purchase.
• Prices and jobs. A holiday does not change the economy, only the calendar. Data that would normally arrive on a closed day is pushed to another date, so the inflation and employment numbers that shape borrowing costs simply land later in the week.

The practical habit: before placing a bond, gilt or fund trade in late November or December, check both the closure list and the early close list, and place orders well before a 2:00 pm ET cut-off rather than in the final minutes.

Frequently Asked Questions

Is the bond market open today?

The US bond market is open from 8:00 am to 5:00 pm ET on every weekday that is not on SIFMA’s recommended closure list. The next full closure is Labor Day, Monday September 7, 2026.

What time does the bond market close on the day after Thanksgiving?

Bond trading is recommended to close early at 2:00 pm ET (7:00 pm London) on Friday November 27, 2026 and Friday November 26, 2027. The NYSE and Nasdaq close an hour earlier, at 1:00 pm ET.

Is the bond market open on Columbus Day and Veterans Day?

No. The bond market takes a full closure on both, Monday October 12 and Wednesday November 11, 2026, while the US stock market stays open. Bond ETFs and Treasury futures can still be traded on those days.

How many holidays does the bond market observe each year?

Eleven full closures in a typical year, the nine observed by the stock market plus Columbus Day and Veterans Day, together with a handful of recommended early closes at 2:00 pm ET.

Where is the official calendar published?

SIFMA publishes the recommended US, UK and Japan holiday schedule for US dollar-denominated fixed income at sifma.org. Equity market dates come from the NYSE hours and calendars page.