The Treasury Department yesterday auctioned $17 billion of four-week bills at a 0.040% high yield, a price of 99.996889.
The coupon equivalent was 0.041%. The bid-to-cover ratio was 4.98. Tenders at the high rate were allotted 80.07%. The median yield was 0.010%. The low yield was zero.
Tenders totaled $84,628,822,200 and the Treasury accepted $17,000,213,500, including $244,424,500 of noncompetitive.
"April has been one of the worst-performing months over the past five years, which we believe warrants continued caution," BlackRock strategists said.
The public finance industry has been tracking the growth of the IRS budget with concerns that funding boosts would translate into higher audit rates for bond transactions.
Los Angeles Mayor Karen Bass aimed high in her State of the City speech just days before she will release a budget that needs to close a nearly half-billion-dollar deficit.
"We believe in this," Transportation Secretary Pete Buttigieg said.
The firm said Saporito's hiring is among several other additions made to beef up Wells Fargo's commitment to munis.
While Kansas' sales tax and revenue (STAR) bond program recorded its first default late last year, Bonner Springs is considering using it for a development that includes a Mattel toy-themed amusement park.
