Treasury Rates Mixed in Latest Auction
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The Treasury Department sold $16 billion in three-month bills at a discount rate of 1.66%, down from 1.68% last week. An additional $16 billion was sold in six-month bills at a rate of 1.675%, unchanged from last week.
The new discount rates understate the actual return to investors--1.692% for three-month bills, with a $10,000 bill selling for $9,958, and 1.713% for a six-month bill selling for $9,915.30.
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, dipped to 1.97% last week from 2% the previous week.
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