Rates Are Mixed in Treasury Bill Auction
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The Treasury Department sold $19 billion in three-month bills at a discount rate of 1.685%, down from 1.71% last week.
An additional $17 billion was sold in six-month bills at a rate of 1.99%, up from 1.95% last week.
The new discount rates understate the actual return to investors -- 1.716% for three-month bills, with a $10,000 bill selling for $9,957.41, and 2.038% for a six-month bill selling for $9,899.39.
In a separate report, the Federal Reserve said the average yield for one-year Treasury bills, the most popular index for making changes in adjustable-rate mortgages, rose to 2.2% last week from 2.14% the previous week.
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