Short-Term Rates Rise in T-Bill Auction
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The Treasury Department sold $18 billion in three-month bills at a discount rate of 0.985%, up from 0.97% last week. It sold $15 billion in six-month bills at 1.175%, up from 1.165%.
The new rates understate the actual return to investors -- 1.001% for three-month bills, with a $10,000 bill selling for $9,975.10, and 1.198% for a six-month bill selling for $9,940.60.
In a separate report, the Federal Reserve said the average yield for one-year constant-maturity Treasury bills rose to 1.55% last week from 1.5% the previous week.
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