The U.S. government completed its auction of $31 billion in 3-month bills Monday afternoon. The size of the weekly auctions has grown by about $5 billion this year as the government continues to raise funds for its stimulus efforts.

The auction drew a yield of 0.195 percent while posting strong demand, with the bid-to-cover ratio coming in at a level of 3.09.

The previous auction for comparable notes took place last week totaling $31.0 drawing a yield of 0.225 percent and a bid-to-cover ratio of 3.18.

The Treasury Department also auctioned $29 billion in 6-month bills on the day. Meanwhile, treasuries have moved well off of their highs on day but remain in positive territory. The yield on the benchmark ten-year note is down to 2.735 percent, a drop of 2.6 basis points on the day.

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