Interest Rates Fall in T-Bill Auction
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The Treasury Department sold $10 billion in three-month bills at a discount rate of 1.71%, down from 1.79% last week. An additional $10 billion was sold in six-month bills at a rate of 1.975%, down from 2.11%.
The new discount rates understate the actual return to investors--1.74% for three-month bills with a $10,000 bill selling for $9,956.80 and 2.022% for a six-month bill selling for $9,900.20.
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 2.64% last week from 2.7% the previous week.
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