Rates on Short-Term T-Bills Fall in Auction
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The Treasury Department auctioned $15 billion in three-month bills at a discount rate of 2.870%, down from 2.880% last week. An additional $13 billion in six-month bills was auctioned at a discount rate of 3.085%, down from 3.090% last week.
The new discount rates understate the actual return to investors -- 2.931% for three-month bills with a $10,000 bill selling for $9,927.45, and 3.177% for a six-month bill selling for $9,844.04.
In a separate report, the Federal Reserve said the average yield for one-year Treasury bills rose to 3.33% last week from 3.28% the previous week.
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