Rates in T-Bill Auction Highest Since 2002
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The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 1.425%. An additional $16 billion in six-month bills was auctioned at a discount rate of 1.735%.
The new discount rates understate the actual return to investors: 1.449% for three-month bills, with a $10,000 bill selling for $9,964.00, and 1.774% for a six-month bill selling for $9,912.30.
In a separate report, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 2.12% from 2.07% last week.
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