Rates Dip on 3-, 6-Month T-Bills
The Treasury Department auctioned $14 billion in three-month bills at a discount rate of 3.18%, down from 3.36% last week and the lowest since three-month bills averaged 2.99% on Jan. 31, 1994.
An additional $12 billion in six-month bills was auctioned at a discount rate of 3.12%, down from 3.31% last week and the lowest since 3.08% on Oct. 4, 1993.
The new discount rates understate the actual return to investors--3.25% for three-month bills, with a $10,000 bill selling for $9,919.60, and 3.21% for a six-month bill selling for $9,842.30.
In a separate report, the Federal Reserve said the average yield for one-year constant maturity Treasury bills edged down to 3.43% last week, from 3.44% the previous week.
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