The discount rate, price, and investment yield are determined in each auction.
Bidding is in terms of discount rate.
Competitive and noncompetitive bids are awarded at the highest rate of bids accepted in the auction. The single-price auction technique became effective for all sales of Treasury marketable securities beginning on November 2, 1998. One year or less. We also issue cash management bills from time to time for periods as short as one day to maintain the Treasury cash balance, especially immediately before regular tax payment dates. Investors may hold marketable Treasury bills in the commercial book-entry system through a financial intermediary, such as a bank or government securities dealer, or in TreasuryDirect .