Interest Rates Mixed in Treasury Auction
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The Treasury Department sold $19 billion in three-month bills at a discount rate of 0.94%, up from 0.93% last week. An additional $17 billion in six-month bills was sold at 0.99%, down from 0.995%.
The new discount rates understate the actual return to investors -- 0.957% for three-month bills, with a $10,000 bill selling for $9,976.20, and 1.008% for a six-month bill at $9,950.
In a separate report, the Federal Reserve said the average yield for one-year constant-maturity Treasury bills, a popular index for making changes in adjustable-rate mortgages, dipped to 1.22% last week from 1.23% the previous week.
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