Short-Term Rates Fall in Treasury Auction
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The Treasury Department sold $17 billion in three-month bills at a discount rate of 0.905%, down from 0.92% last week. An additional $17 billion was sold in six-month bills at a rate of 0.985%, down from 0.995%.
The new discount rates understate the actual return to investors -- 0.923% for three-month bills, with a $10,000 bill selling for $9,977.10, and 1.006% for a six-month bill selling for $9,950.20.
The Federal Reserve said the average yield for one-year constant-maturity Treasury bills, the most popular index for making changes in adjustable-rate mortgages, rose to 1.2% last week from 1.17%.
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