Rates on Short-Term T-Bills Fall in Auction
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The Treasury Department auctioned $15 billion in three-month bills at a discount rate of 4.71%, down from 4.72% last week. An additional $14 billion in six-month bills was auctioned at 4.815%, down from 4.84% last week.
The rates understate the actual return to investors -- 4.833% for three-month bills, with a $10,000 bill selling for $9,880.94, and 5.004% for a six-month bill selling for $9,756.58.
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 5.03% last week from 4.99% the previous week.
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