Rates Mixed in Treasury Bill Auction
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The Treasury Department sold $15 billion in three-month bills at a discount rate of 1.185%, unchanged from last week. An additional $15 billion in six-month bills was sold at 1.24%, up from 1.22%.
The six-month rate was the highest since Dec. 16, when the rate was 1.26%. The new discount rates understate the actual return to investors -- 1.207% for three-month bills, with a $10,000 bill selling for $9,970, and 1.265% for a six-month bill selling for $9,937.30.
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, dipped to 1.38% last week from 1.41% the previous week.
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