Interest Rates Fall in Treasury Bill Auction
The Treasury Department sold $16 billion in three-month bills at a discount rate of 0.92%, down from 0.935% last week. An additional $16 billion was sold in six-month bills at a rate of 0.995%, down from 1.005%.
The new discount rates understate the actual return to investors -- 0.939% for three-month bills, with a $10,000 bill selling for $9,976.70, and 1.017% for a six-month bill selling for $9,949.70.
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 1.17% last week.
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