The Treasury Department yesterday auctioned $36 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 3.16. Tenders at the high rate were allotted 36.15%. The median yield was zero, as was the low yield.

Tenders totaled $113,655,919,400 and the Treasury accepted $36,000,181,900, including $386,636,400 of noncompetitive.

Federal Reserve banks bought $6,285,071,700 for their own account in exchange for maturing securities.

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