Short-term T-bill rates fall in auction
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The Treasury Department auctioned $21 billion in three-month bills at a discount rate of 4.630%, down from 4.770% last week. An additional $17 billion in six-month bills was auctioned at a discount rate of 4.710%, down from 4.730% last week.
The new rates understate the actual return to investors -- 4.763% for the three-month bills, with a $10,000 bill selling for $9,882.96, and 4.905% for a six-month bill selling for $9,761.88.
Separately, the Federal Reserve said the average yield for one-year Treasury bills fell to 4.78%, down from 4.83% the previous week.
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