June 12, 2018 / 4:12 PM / 5 months ago

U.S. 1-month bill sale sees highest demand since January

NEW YORK, June 12 (Reuters) - Overall demand for U.S. one-month Treasury bills posted its strongest level in nearly five months on Tuesday ahead of a widely anticipated interest rate increase from the Federal Reserve on Wednesday, U.S. Treasury Department data showed.

The ratio of bids to the $35 billion in one-month T-bills offered was 3.36, the highest since 3.52 at the one-month bill sale on Jan. 23.

The Treasury sold the latest one-month bill supply at an interest rate of 1.790 percent, which was the highest level since August 2008. A week ago, it sold $35 billion in one-month T-bills at an interest rate of 1.780 percent.

The U.S. central bank is expected to increase key overnight borrowing costs by a quarter point to 1.75-2.00 percent on Wednesday after a two-day policy meeting. (Reporting by Richard Leong; editing by Diane Craft)

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