Treasury tees up $160 Billion in new debt to add to the Fed's Balance Sheet.
Pure monetization of debt for the banks and financial sector.
Treasury sells $30 billion in bills for Fed at 0.25%
By Deborah Levine
1:15 p.m. EDT Sept. 18, 2008
NEW YORK (MarketWatch) -- The Treasury Department sold $30 billion in 76-day cash management bills at a rate of 0.25% on Thursday.
The auction garnered $2.45 in bids for every dollar offered. The Treasury also sold $30 billion in 20-day bills today at a rate of 0.10% and announced another $100 billion to be issued Friday and next week.
The sales are part of a supplementary financing program the government announced Wednesday to issue debt to deposit directly at the Federal Reserve to finance the central bank's recent programs to enhance liquidity and stability in financial markets.
