3-Month T-Bill Drops; 6-Month Is Unchanged
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The Treasury Department sold $15 billion in three-month bills at a discount rate of 3.56%, down from 3.58% last week. An additional $12 billion in six-month bills was sold at a rate of 3.5%, unchanged from last week.
The new discount rates understate the actual return to investors --3.64% for three-month bills with a $10,000 bill selling for $9,910.00 and 3.61% for a six-month bill selling for $9,823.10.
On Wednesday, 9 1/2-year inflation-indexed notes will be auctioned.
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, rose to 3.7% last week from 3.6% the previous week.
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