Monday morning, the government announced details of a weekly short-term security auction scheduled to take place Tuesday at 1:00 p.m. ET. The sale will be for $22.0 billion worth of 4-week bills set to mature May 14th, 2009.

The previous sale of the bills took place early last week, when $28.0 billion worth of the securities were sold. The auction drew a high yield of 0.160 and attracted strong demand, with the bid-to-cover ratio coming in at 3.41.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

At 1 p.m. ET today, the Treasury Department is scheduled to conduct its weekly short-term auctions of 3 and 6-months bills.

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