Short-Term Rates Mixed at Auction
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The Treasury Department sold $15 billion in three-month bills at a discount rate of 1.16%, down from 1.165% last week.
An additional $16 billion was sold in six-month bills at a rate of 1.185%, up from 1.175%.
The three-month rate was the lowest since April 7, when the bills sold for 1.135%. The six-month rate was the highest since Jan. 21, when the rate was 1.19%.
The new discount rates understate the actual return to investors -- 1.182% for three-month bills, with a $10,000 bill selling for $9,970.70, and 1.212% for a six-month bill selling for $9,940.10.
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, rose to 1.33% last week from 1.25% the previous week.
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