WASHINGTON -- The Treasury sold $23.20 billion of 91-day and 182-day bills at lower rates yesterday, as the three-months incurred an average rate of 2.73%, down from 2.91% in the previous auction on Sept. 22 and was the lowest since the average of 2.69% on Oct. 29, 1962. The six-months, incurred a 2.85% rate, down from 2.93% and was the lowest since the average of 2.85% on Nov. 9, 1962.

Coupon equivalents were 2.79% for the three-months and 2.93% for the six-months.

Tenders for the 91s totaled $39.55 billion, and the Treasury accepted $10.25 billion, including $1.29 billion of noncompetitive bids accepted at the average. The New York Federal Reserve District applied for $36.33 billion of these bills and received $9.07 billion.

Tenders for the 182s totaled $40.8 billion, and the Treasury accepted $10.27 billion, including $1.01 billion of noncompetitive bids accepted at the average. The New York Fed applied for $38.1 billion of these bills and received $9.31 billion.

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