Rates on T-Bills Are Mixed in Auction
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The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 2.71%, down from 2.735% last week. An additional $15 billion in six-month bills was auctioned at a discount rate of 3.065%, up from 3.035% last week.
The new discount rates understate the actual return to investors -- 2.767% for three-month bills, with a $10,000 bill selling for $9,931.50, and 3.156% for a six-month bill selling for $9,845.05.
In a separate report, the Federal Reserve said the average yield for one-year Treasury bills dropped to 3.33% last week from 3.38% the previous week.
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