Short-Term T-Bill Rates at 43-Year Lows
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Interest rates on short-term Treasury bills fell in the Treasury Department’s weekly auction to the lowest levels in 43 years.
The Treasury auctioned $16billion in three-month bills at a discount rate of 1.815%. Another $16 billion in six-month bills was auctioned at a discount rate of 1.820%.
The three-month rate was down from 1.975% last week and was the lowest since three-month bills averaged 1.524% on Aug. 11, 1958. The six-month rate was down from 1.920% last week and was the lowest in the 43 years that this bill has been auctioned.
The Treasury began auctions of six-month bills in December 1958. The three-month bill has been auctioned since December 1929.
The new discount rates understate the actual return to investors--1.850% for three-month bills with a $10,000 bill selling for $9,954.10 and 1.862% for a six-month bill selling for $9,908.
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