Short-Term Rates Fall in Treasury Auction
The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 4.495%, down from 4.545% last week. An additional $15 billion in six-month bills was auctioned at 4.6%, down from 4.61% last week.
The rates understate the actual return to investors -- 4.61% for three-month bills, with a $10,000 bill selling for $9,886.38, and 4.775% for a six-month bill selling for $9,767.44.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 4.77% last week from 4.76% the previous week.
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