The Treasury Department Tuesday auctioned $50 billion of four-week bills at a 0.020% high yield, a price of 99.998444.

The coupon equivalent was 0.020%. The bid-to-cover ratio was 4.05.

Tenders at the high rate were allotted 13.90%. The median rate was 0.010%. The low rate was 0.000%.

The bills have an issue date of September 5 and are due October 3.

Tenders totaled $202,574,489,400 and the Treasury accepted $50,001,032,600, including $265,831,600 non-competitive.

The Fed banks bought nothing for their own account in exchange for maturing securities.

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