T-Bill Rates Highest in More Than 3 Years
The Treasury Department auctioned $19 billion in three-month bills at a discount rate of 2.33%. It auctioned $16 billion in six-month bills at 2.6%.
The three-month rate was up from 2.275% last week and was the highest since Sept. 24, 2001, when it was 2.38%. The six-month rate was up from 2.56% last week and was the highest since Sept. 10, 2001, when it was 3.12%.
The new rates understate the actual return to investors -- 2.376% for three-month bills, with a $10,000 bill selling for $9,941.10, and 2.671% for a six-month bill selling for $9,868.56.
In a separate report, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 2.82% last week from 2.77% the previous week.
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