Short-Term Rates Fall in Treasury Auction
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The Treasury Department sold $17 billion in three-month bills at a discount rate of 1.315%, down from 1.39% last week. It sold an additional $15 billion in six-month bills at 1.675%, down from 1.72%.
The new rates understate the actual return to investors -- 1.336% for three-month bills, with a $10,000 bill selling for $9,966.80 and 1.713% for a six-month bill selling for $9,915.30.
In a separate report, the Federal Reserve said the average yield for one-year constant maturity Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 2.22% from 2.07% the previous week.
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