Rates Are Mixed in T-Bill Auction
The Treasury Department sold $17 billion in three-month bills at a discount rate of 1.690%, up from 1.680% last week. An additional $15 billion was sold in six-month bills at a rate of 1.730%, down from 1.765%.
The new discount rates understate the actual return to investors--1.719% for three-month bills with a $10,000 bill selling for $9,957.80 and 1.770% for a six-month bill selling for $9,913.
Separately, the Federal Reserve said the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable-rate mortgages, dipped to 2.10% last week from 2.13% the previous week.
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