WASHINGTON -- The Treasury yesterday sold $16.15 billion of one-year bills at an average discount rate of 3.43%, up from 3.25% in the previous auction on Oct. 14 and the highest since the 3.44% incurred in the auction of July 22. The coupon equivalent was 3.57%. The average price was 96.532.

The Treasury received $53.93 billion of tenders for the bills and accepted $16.15 billion, including $429 million offered non-competitively from the public and $3.89 billion from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities, all at the average.

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