Treasury 4-weeks auctioned at 0.950% high yield on July 3

The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.950% high yield, a price of 99.926111.

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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 0.964%. The bid-to-cover ratio was 3.02.

Tenders at the high rate were allotted 81.10%. The median rate was 0.920%. The low rate was 0.870%.

The bills have an issue date of July 6 and are due Aug. 4.

Tenders totaled $120,842,855,400 and the Treasury accepted $40,000,255,400, including $366,772,700 non-competitive.

The Fed banks bought nothing for their own account.

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