Rates on Treasury Bills Are Mixed in Auction
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The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 3.905%, up from 3.895% last week. An additional $15 billion in six-month bills was auctioned at a discount rate of 4.2%, down from 4.22% last week.
The new discount rates understate the actual return to investors -- 3.999% for three-month bills, with a $10,000 bill selling for $9,901.29, and 4.351% for a six-month bill selling for $9,787.67.
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, rose to 4.37% last week from 4.34% the previous week.
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