Treasury's $78 B 3- and 6-month bill sale was a little better than average
Treasury's $78 B 3- and 6-month bill sale was a little better than average, in part as a result of their cheaper rates, and as some concerns are creeping in over reduced supplies on debt limit issues. The bills priced well. The $42 B 3-month tranche stopped at 1.285% versus the 1.290% at the bid deadline, and it compares to last week's 1.240%. There were nearly $132.9 B in bids for a 3.18 cover, a bit better than the prior 3.11 and the 3.05 average. Indirect bidders took 31.7%, not as good as either the 45.0% previously and the 36.6% average. The $36 B 6-month was awarded at 1.415%, also through the 1.425% at the bid deadline, and versus last week's 1.360%. Bids totaled almost $119.3 B for a 3.33 cover, also above the prior 3.30 and the 3.23 average. Indirect bidders accepted 52.5%, a little below the prior 60.0% but better than the 51.1% average.