14-Day cash management bills draw 1.010% high rate

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The Treasury Department Thursday sold $20 billion 14-day cash management bills, dated August 1, due August 15, at a 1.010% high tender rate.

The bid to cover ratio was 3.94.

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The US Treasury Department has appealed to the Sixth Circuit Court a pair of lawsuits with Ohio and Kentucky that have blocked the department from enforcing an ARPA provision that restricts the states from using the funds to offset tax cuts.

The coupon equivalent was 1.024%. The price was 99.960722.

The low bid was 0.950%. The median bid was 0.990%. Tenders at the high were allotted 2.00%.

Tenders totaled $78,750,164,000 and the Treasury accepted $20,000,164,000, including $164,000 non-competitive.

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