NEW YORK: The US Treasury Department on Tuesday sold $45 billion of one-month bills at an interest rate of 0.245 percent, which was the highest in seven weeks, Treasury data showed.
The ratio of bids to the amount of one-month T-bills offered was 3.33, the lowest in six weeks. Last week, the Treasury sold $40 billion of one-month T-bills at an interest rate of 0.170 percent and a bid-to-cover ratio of 3.63.
"The market is definitely in need of more supply, but apparently there are some digestion issues at the moment," Tom Simons, money market strategist at Jefferies & Co. wrote in a note on the auction results.
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