WASHINGTON -- The Treasury sold $22.47 billion of 91-day and 182-day bills at lower rates yesterday. The three-months incurred an average rate of 2.90%, down from 2.93% in the previous auction on Sept. 20 and the lowest since the 2.89% average incurred on May 10. The six-months incurred a 3.02% rate, down from 3.06% and the lowest since the 2.99% average incurred on May 10.

Coupon equivalents were 2.96% for the three-months and 3.11% for the six-months.

Tenders for the 91s totaled $47.74 billion, and the Treasury accepted $11.22 billion, including $1.16 billion of noncompetitive bids accepted at the average. The New York Federal Reserve District applied for $44.37 billion of these bills and received $10.16 billion.

Tenders for the 182s totaled $46.49 billion, and the Treasury accepted $11.25 billion, including $1.01 billion of noncompetitive bids accepted at the average. The New York Fed applied for $42.64 billion of these bills and received $10.14 billion.

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