The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.985% high yield, a price of 99.923389.

The coupon equivalent was 0.999%. The bid-to-cover ratio was 3.06.

Tenders at the high rate were allotted 59.83%. The median rate was 0.965%. The low rate was 0.910%.

The bills have an issue date of Aug. 10 and are due Sept. 7.

Tenders totaled $137,828,649,500 and the Treasury accepted $45,000,064,500, including $444,816,500 non-competitive.

The Fed banks bought nothing for their own account.

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