Short-Term Rates Fall at Treasury Auction
The Treasury Department sold $15 billion in three-month bills at a discount rate of 0.885%, down from 0.9% last week. An additional $14 billion was sold in six-month bills at 0.98%, down from 1%.
The new discount rates understate the actual return to investors: 0.903% for three-month bills, with a $10,000 bill selling for $9,977.60, and 1% for a six-month bill selling for $9,950.50.
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 1.31% last week from 1.37% the previous week.
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