BANKING & FINANCE - July 26, 1994
T-Bill Rates Rise: The Treasury Department sold $12.6 billion in new three-month bills at an average discount rate of 4.43%, up from 4.31% last week. Another $12.6 billion in new six-month bills was sold at an average discount rate of 4.83%, up from 4.71%. The three-month bill rate was the highest since they sold for 4.50% on July 11. The six-month bill rate was the highest since they averaged 4.94% the same day. The new discount rates understate the actual return to investors: 4.54% for three-month bills, with a $10,000 bill selling for $9,888.00, and 5.02% for a six-month bill selling for $9,755.80. The discount rate reflects the price discount received when government securities are purchased at less than face value.
T-Bill Auction: JULY 25, 1994
6-month: 4.83%
3-month: 4.43%
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