Short-Term Rates Up in T-Bill Auction
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The Treasury Department sold $16 billion in three-month bills at a discount rate of 1.63%, up from 1.6% last week. An additional $15 billion was sold in six-month bills at a rate of 1.59%, up from 1.555%.
The new discount rates understate the actual return to investors--1.659% for three-month bills, with a $10,000 bill selling for $9,958.80, and 1.625% for a six-month bill selling for $9,919.60.
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 1.67% last week from 1.82% the week before.
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