FISCAL: Cheaper Money

The U.S. Treasury, which last summer loosened the purse strings of its tight-money policy, last week let them out a little more. In announcing two new security issues to raise $2 billion in new money and refund $7.2 billion of maturing securities, it set the lowest interest rates in several years. And instead of a longer-term bond issue, the Treasury resorted to shorter-term notes for fear of siphoning off long-term investment money needed by industry as well as state and local governments. The issues: <! To raise new money, a $2 billion issue of notes maturing in four years...

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