Rates on Short-Term Treasury Bills Fall
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The Treasury Department sold $7.04 billion in three-month bills at an average discount rate of 5.14%, down from last week’s 5.22%. An additional $7.11 billion was sold in six-month bills at an average rate of 5.37%, down from 5.45%. The three-month rate is the lowest since the bills sold for 5.13% on March 17. The six-month rate is the lowest since those bills averaged 5.30% on April 7. The new discount rates understate the actual return to investors: 5.28% for three-month bills, with a $10,000 bill selling for $9,870.10, and 5.60% for six-month bills, with a $10,000 bill selling for $9,728.50. In a separate report, the Federal Reserve Board said the average yield for one-year Treasury bills fell to 5.93% last week from 6.01% the previous week. The next auction of three-year notes is today; 10-year notes, Wednesday; two-year notes, May 28; five-year notes, May 29.
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