U.S. sells 1-year T-bills at highest rate since July 2008
NEW YORK, April 24 (Reuters) - The U.S. Treasury Department on Tuesday sold $26 billion of one-year bills at an interest rate of 2.200 percent, the highest level since July 2008, Treasury data showed.
The ratio of bids to the amount of one-year T-bills offered was 3.39, which was the strongest in five auctions. This measure of overall auction demand was 2.99 at the prior one-year bill sale in March.
The Treasury also sold $45 billion of one-month bills at an interest rate of 1.680 percent, which was higher than the 1.63 percent at the prior one-month bill sale last week.
The bid-to-cover ratio at Tuesday’s one-month auction was 3.16, above last week’s 3.08.