Short-Term Rates Rise in Treasury Auction
The Treasury Department sold $17 billion in three-month bills at a discount rate of 0.92%, up from 0.905% last week. An additional $17 billion was sold in six-month bills at 1.015%, up from 0.985%.
The new discount rates understate the actual return to investors -- 0.939% for three-month bills, with a $10,000 bill selling for $9,976.70, and 1.037% for a six-month bill selling for $9,948.70.
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, rose to 1.29% last week from 1.2% the previous week.
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