T-Bill Rates at Highest Level Since April 2002
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The Treasury Department auctioned $20 billion in three-month bills at a discount rate of 1.77%. It sold $18 billion in six-month bills at 1.99%.
The three-month rate, up from 1.68% last week, was the highest since April 1, 2002, when it was 1.79%. The six-month rate was up from 1.955% last week and was the highest since April 1, 2002, when it was 2.11%.
The new rates understate the actual return to investors -- 1.803% for three-month bills, with a $10,000 bill selling for $9,955.26, and 2.038% for a six-month bill selling for $9,899.40.
In a separate report, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 2.18% from 2.24% the previous week.
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