Rates Rise on Short-Term Treasuries
The Treasury Department sold $14 billion in three-month bills at a discount rate of 1.2%, up from 1.19% last week. An additional $16 billion was sold in six-month bills at a rate of 1.26%, up from 1.25%.
The new discount rates understate the actual return to investors -- 1.21% for three-month bills, with a $10,000 bill selling for $9,969.70, and 1.28% for a six-month bill selling for $9,936.30.
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, dipped to 1.47% last week from 1.53% the previous week.
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