Rates on Short-Term T-Bills Lower in Auction
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The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 3.820%, down from 3.930% last week.
An additional $16 billion in six-month bills was auctioned at a discount rate of 4.180%, down from 4.185% last week.
The new discount rates understate the actual return to investors -- 3.911% for three-month bills, with a $10,000 bill selling for $9,903.44, and 4.33% for a six-month bill selling for $9,788.68.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, edged up to 4.35% last week from 4.34% the previous week.
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