WASHINGTON -- The Treasury sold $24.58 billion of 91-day and 182-day bills at lower rates yesterday. The three-months incurred an average rate of 3.03%, down from 3.05% in the previous auction on August 9 and the lowest since the 3.01% average incurred on July 7. The six-months incurred a 3.12% rate, down from 3.18% and the lowest since the 3.10% average also incurred on July 7.

Coupon equivalents were 3.10% for the three-months and 3.12% for the six-months.

Tenders for the 91s totaled $51.45 billion, and the Treasury accepted $12.38 billion, including $1.3 billion of noncompetitive bids accepted at the average. The New York Federal Reserve District applied for $46.80 billion of these bills and received $10.89 billion.

Tenders for the 182s totaled $52.77 billion, and the Treasury accepted $12.20 billion, including $947 million of noncompetitive bids accepted at the average. The New York Fed applied for $49.06 billion of these bills and received $11.29 billion.

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