Discount Rates Fall in Treasury Bill Auction
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The Treasury Department sold $17 billion in three-month bills at a discount rate of 1.055%, down from 1.175% last week. An additional $17 billion was sold in six-month bills at a rate of 1.030%, down from 1.170%.
The new discount rates understate the actual return to investors -- 1.077% for three-month bills, with a $10,000 bill selling for $9,973.30, and 1.053% for a six-month bill selling for $9,947.90.
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 1.22% last week from 1.27%.
From Associated Press
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