$16 Billion in Bills Sold at Discount Rate
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The Treasury Department sold $16 billion in three-month bills at a discount rate of 0.930%, down from 0.935% last week. An additional $16 billion was sold in six-month bills at a rate of 1.010%, unchanged from last week.
The new discount rates understate the actual return to investors -- 0.946% for three-month bills with a $10,000 bill selling for $9,976.80 and 1.032% for a six-month bill selling for $9,949.20.
In a separate report, the Federal Reserve said that the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 1.30% last week from 1.36% the previous week.
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