Interest Rates Mixed in T-Bill Auction
The Treasury Department sold $18 billion in three-month bills at a discount rate of 1.465%, up from 1.425% last week. It sold an additional $16 billion in six-month bills at 1.735%, unchanged from the previous week.
The new rates understate the actual return to investors -- 1.49% for three-month bills, with a $10,000 bill selling for $9,963, and 1.774% for a six-month bill selling for $9,912.30.
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, rose to 2.16% last week from 2.12% the previous week.
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