Short-Term Interest Rates Rise in Auction
The Treasury Department auctioned $21 billion in three-month bills at a discount rate of 4.51%, up from 4.45% last week. An additional $19 billion in six-month bills was auctioned at a discount rate of 4.58%, up from 4.545% last week.
The new discount rates understate the actual return to investors -- 4.625% for three-month bills, with a $10,000 bill selling for $9,886.00, and 4.754% for a six-month bill selling for $9,768.46.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 4.72% last week from 4.7% the previous week.
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