Interest Rates Mixed in Treasury Auction
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The Treasury Department auctioned $19 billion in three-month bills at a discount rate of 1.47%, the same as last week. It auctioned $17 billion in six-month bills at 1.725%, up from 1.665% last week.
The rates understate the actual return to investors -- 1.498% for three-month bills, with a $10,000 bill selling for $9,962.80, and 1.764% for a six-month bill selling for $9,912.80.
In a separate report, the Federal Reserve said the average yield on one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 1.99% from 2.07% the previous week.
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