Interest Rates Mixed in Treasury Auction
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The Treasury Department auctioned $14 billion in three-month bills at a discount rate of 1.21% and an additional $15 billion in six-month bills at 1.29%.
The three-month rate was unchanged from last week. The six-month rate was up from 1.265% last week.
The new rates understate the actual return to investors -- 1.23% for three-month bills, with a $10,000 bill selling for $9,969.40, and 1.32% for a six-month bill selling for $9,934.80.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, the most popular index for making changes in adjustable-rate mortgages, rose to 1.55% last week from 1.51%.
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