Interest Rates Fall in T-Bill Auction
The Treasury Department sold $17 billion in three-month bills at a discount rate of 0.87%, down from 0.92% last week. An additional $16 billion was sold in six-month bills at 0.95%, down from 1.02%.
The new discount rates understate the actual return to investors -- 0.887% for three-month bills, with a $10,000 bill selling for $9,978, and 0.97% for a six-month bill selling for $9,952.
In a separate report, the Federal Reserve said the average yield for one-year constant-maturity Treasury bills, a popular index for making changes in adjustable-rate mortgages, was unchanged at 1.29%.
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