The Treasury Department yesterday auctioned $34 billion of four-week bills at a 0.285% high yield and a price of 99.977833.

The coupon equivalent was 0.289%. The bid-to-cover ratio was 2.93. Tenders at the high rate were allotted 8.71%. The median yield was 0.250%. The low yield was 0.010%.

The bills have an issue date of Feb. 5 and are due March 5.

Tenders totaled $99,689,241,600 and the Treasury accepted $34,000,051,600, including $289,793,300 of noncompetitive. Federal Reserve banks bought $2,418,028,000 for their own account in exchange for maturing securities.

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