Short-Term Rates Dip at Treasury Auction
The Treasury Department sold $17 billion in three-month bills at a discount rate of 1.7%, down from 1.72% last week. An additional $15 billion was sold in six-month bills at 1.8%, down from 1.85%.
The new discount rates understate the actual return to investors, 1.732% for three-month bills, with a $10,000 bill selling for $9,957, and 1.842% for a six-month bill selling for $9,909.
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, fell to 2.24% last week from 2.32% the previous week.
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