Interest Rates Rise in Treasury Bill Auction
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The Treasury Department sold $17 billion in three-month bills at a discount rate of 0.94%, up from 0.92% last week. An additional $17 billion was sold in six-month bills at a rate of 1.02%, up from 1.015%.
Both the three-month and six-month rates were the highest since Sept. 2, when the bills sold for 0.97% and 1.04%, respectively.
The new discount rates understate the actual return to investors -- 0.96% for three-month bills with a $10,000 bill selling for $9,976.20 and 1.043% for a six-month bill selling for $9,948.40.
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, rose to 1.3% from 1.29% the previous week.
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