Rates mixed in auction of Treasury bills
The Treasury Department auctioned $20 billion in three-month bills at a discount rate of 5.035%, up from 5.025% last week. An additional $16 billion in six-month bills was auctioned at a discount rate of 4.950%, down from 4.965% last week.
The new discount rates understate the actual return to investors -- 5.171% for three-month bills, with a $10,000 bill selling for $9,872.73, and 5.148% for a six-month bill selling for $9,749.75.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, was unchanged at 5.07% last week.
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