The Treasury Department Wednesday auctioned $35 billion of four-week bills at a 0.040% high yield, a price of 99.996778.
The coupon equivalent was 0.041%. The bid-to-cover ratio was 4.38.
Tenders at the high rate were allotted 41.83%. The median rate was 0.030%. The low rate was 0.020%.
The bills have an issue date of June 6 and are due July 5.
Tenders totaled $153,245,193,400 and the Treasury accepted $35,001,388,400, including $252,053,400 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.