Rates on short-term T-bills decline in auction
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The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 4.87%, down from 4.905% last week.
An additional $16 billion in six-month bills was auctioned at a discount rate of 4.84%, down from 4.935% last week.
The new discount rates understate the actual return to investors -- 4.999% for three-month bills, with a $10,000 bill selling for $9,876.90, and 5.03% for a six-month bill selling for $9,755.31.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, fell to 4.95% last week from 5.01% the previous week.
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