Rates Are Mixed in Treasury Auction
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The Treasury Department sold $18 billion in three-month bills at a discount rate of 0.875%, up from 0.87% last week.
An additional $16 billion was sold in six-month bills at a rate of 0.95%, unchanged from the previous week.
The new discount rates understate the actual return to investors -- 0.891% for three-month bills, with a $10,000 bill selling for $9,977.90, and 0.97% for a six-month bill selling for $9,952.00.
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 1.19% last week from 1.29% the previous week.
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