Interest Rates Rise in Treasury Bill Auction
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The Treasury Department sold $19 billion in three-month bills at a discount rate of 1.635%, up from 1.58% last week. It sold an additional $17 billion in six-month bills at 1.86%, up from 1.775%.
The three-month rate was the highest since Oct. 21, 2002, when the bills sold for 1.665%. The six-month rate was the highest since June 3, 2002, when the rate was 1.875%.
The new rates understate the actual return to investors -- 1.663% for three-month bills, with a $10,000 bill selling for $9,958.70, and 1.903% for a six-month bill selling for $9,906.00.
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