Interest Rates Mixed in T-Bill Auction
The Treasury Department sold $13 billion in three-month bills at a discount rate of 1.73%, up from 1.69% last week. An additional $13 billion was sold in six-month bills at a rate of 1.88%, unchanged from the previous week.
The new discount rates understate the actual return to investors--1.76% for three-month bills, with a $10,000 bill selling for $9,956.30, and 1.923% for a six-month bill selling for $9,905.
In a separate report, the Federal Reserve said the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable-rate mortgages, fell to 2.36% last week from 2.42% the previous week.
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