Demand for US 1-month bill supply weakest in 8 weeks

NEW YORK: The US Treasury Department on Tuesday sold $60 billion of one-month bills to the weakest bidding in eight weeks, Treasury data showed.

The ratio of bids to the amount offered was 3.22, the lowest level since 3.09 set at a one-month T-bill auction held on Jan. 20.

This gauge of overall auction demand was lower than the 3.44 at the prior auction last week.

The latest one-month issue was sold at an interest rate of 0.280 percent, higher than prior week's 0.275 percent.

This was the second straight week that the government offered a record $60 billion of one-month T-bills.