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Interest Rates Fall in Treasury Bill Auction

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From Associated Press

The Treasury Department sold $19 billion in three-month bills at a discount rate of 0.915%, down from 0.92% last week. An additional $17 billion was sold in six-month bills at 0.975%, down from 0.99%.

The new discount rates understate the actual return to investors -- 0.931% for three-month bills, with a $10,000 bill selling for $9,976.90, and 0.996% for a six-month bill selling for $9,950.70.

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 1.24% last week from 1.28% the previous week.

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