Rate for 3-Month T-Bills Unchanged
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The Treasury Department sold $15 billion in three-month bills at a discount rate of 1.63%, unchanged from the previous week. An additional $14 billion was sold in six-month bills at a rate of 1.635%, up from 1.63%.
The new discount rates understate the actual return to investors--1.661% for three-month bills, with a $10,000 bill selling for $9,958.30, and 1.672% for a six-month bill selling for $9,917.30.
In a separate report, 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, rose to 1.81% last week from 1.76% the previous week.
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