Interest Rates Climb in Treasury Bill Auction
The Treasury Department auctioned $21 billion in three-month bills at a discount rate of 2.715%, up from 2.615% last week. An additional $18 billion in six-month bills was auctioned at a discount rate of 2.925%, up from 2.850% last week.
The new discount rates understate the actual return to investors -- 2.772% for three-month bills with a $10,000 bill selling for $9,931.37 and 3.010% for a six-month bill selling for $9,852.13.
In a separate report, the Federal Reserve said the average yield for one-year Treasury bills rose to 3.13% last week from 3.05% the previous week.
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