The Treasury Department auctioned 248-day cash management...

The Treasury Department auctioned 248-day cash management bills at an average discount rate of 7.73%--an actual return of 8.19%, with a $10,000 bill selling for $9,467.50. A total of $7 billion in bills with a minimum denomination of $10,000 were sold out of bids totaling $25.7 billion. The bills will be repaid on April 20, 1989, and are being sold to help smooth government revenue flows, which normally surge in April as people file income taxes.