Rates for Short-Term Treasuries End Mixed
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The Treasury Department sold $12 billion in three-month bills at a discount rate of 3.605%, up from 3.540% last week. An additional $10 billion was sold in six-month bills at a rate of 3.550%, down from 3.640%.
The new discount rates understate the actual return to investors--3.688% for three-month bills, with a $10,000 bill selling for $9,908.90 and 3.666% for a six-month bill selling for $9,820.50.
In a separate report, 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 3.78% last week from 3.76% the previous week.
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