First Batch of 4-Week T-Bills Auctioned

<p>The U.S. Treasury, at its inaugural weekly auction of four-week bills, sold $10 billion of the securities Tuesday at a discount rate of 3.59%.

The true annualized yield on the bills is 3.65%.

The new bills are intended to reduce the government’s reliance on irregularly issued cash-management bills.

The securities sold Tuesday will mature Aug. 30.

The government received bids for the bills equal to 3.37 times the amount sold.

The Treasury will continue to auction three-month and six-month bills on Monday.