Interest Rates Down in Treasury Auction
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The Treasury Department sold $10billion in three-month bills at a discount rate of 1.68%, down from 1.71% last week. An additional $10billion was sold in six-month bills at 1.905%, down from 1.975%.
The new discount rates understate the actual return to investors--1.712% for three-month bills, with a $10,000 bill selling for $9,957.50, and 1.95% for a six-month bill selling for $9,903.70.
In a separate report, the Federal Reserve said the average yield for one-year constant-maturity Treasury bills, the most popular index for making changes in adjustable-rate mortgages, fell to 2.53% last week from 2.64% the week before.
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