The Treasury Department Tuesday auctioned $55 billion of four-week bills at a 0.735% high yield, a price of 99.924833.
The coupon equivalent was 0.746%. The bid-to-cover ratio was 2.85.
Tenders at the high rate were allotted 24.80%. The median rate was 0.685%. The low rate was 0.600%.
The bills have an issue date of May 25 and are due June 22.
Tenders totaled $156,215,372,000 and the Treasury accepted $54,453,572,000, including $446,549,300 non-competitive.
The Fed banks bought nothing for their own account.