WASHINGTON -- The Treasury sold $24.14 billion of 91-day and 182-day bills at lower rates yesterday. The three-months incurred an average rate of 4.22%, down from 4.32% in the previous auction on May 2. The six-months incurred a 4.69% rate, down from 4.81%.

Coupon equivalent were 4.33% for the three-months and 4.87% for the six-months.

Tenders for the 91s totaled $49.03 billion, and the Treasury accepted $12.10 billion, including $1.43 billion of noncompetitive bids accepted at the average. The New York Federal Reserve District applied for $52.09 billion of these bills and received $12.57 billion.

Tenders for the 182s totaled $46.67 billion, and the Treasury accepted $12.04 billion, including $1.25 billion of noncompetitive bids accepted at the average. The New York Fed applied for $61.38 billion of these bills and received $12.97 billion.

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