Interest Rates Mixed in T-Bill Auction
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The Treasury Department sold $18 billion in three-month bills at a discount rate of 0.93%, down from 0.945% last week. An additional $16 billion was sold in six-month bills at 0.99%, unchanged from the previous week.
The new rates understate the actual return to investors -- 0.945% for three-month bills, with a $10,000 bill selling for $9,976.50, and 1.008% for a six-month bill selling for $9,950.00.
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, rose to 1.18% last week from 1.16% the previous week.
From Associated Press
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