Treasury Bill Rates Rise in Auction
The Treasury Department sold $19 billion in three-month bills at a discount rate of 1.58%, up from 1.515% last week. An additional $17 billion was sold in six-month bills at a rate of 1.775%, up from 1.75%.
The new discount rates understate the actual return to investors -- 1.607% for three-month bills, with a $10,000 bill selling for $9,960.10, and 1.815% for a six-month bill selling for $9,910.30.
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 2.03% last week from 1.98% the previous week.
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