The U.S. Treasury sold $86 billion of three-month bills at a high yield of 4.130% in Monday’s auction, down slightly from 4.150% at the prior sale. Demand was solid, with a bid-to-cover ratio of 2.70, and 51.22% of accepted bids were allotted at the high rate. In a concurrent offering, the Treasury placed $76 billion of six-month bills at 3.945%, compared with 3.970% previously. The sale drew a bid-to-cover ratio of 2.95, and 75.09% of bids were filled at the top rate. The Federal Reserve’s System Open Market Account submitted $3.9 billion in bids for the three-month tenor and $3.4 billion for the six-month issue.