Short-Term Rates Mixed in T-Bill Auction
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The Treasury Department auctioned $19 billion in three-month bills at a discount rate of 1.47%. It auctioned $17 billion in six-month bills at 1.665%.
The three-month rate, up from 1.465% last week, was the highest since Oct. 28, 2002, when the bills averaged 1.55%. The six-month rate, down from 1.735% last week, was the lowest since July 19, when it was 1.65%.
The new rates understate the actual return to investors -- 1.497% for three-month bills, with a $10,000 bill selling for $9,962.40, and 1.703% for a six-month bill selling for $9,915.80.
The Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 2.07% last week from 2.16% the previous week.
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