Rates on Short-Term T-Bills Rise in Auction
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The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 3.495%, up from 3.450% last week. An additional $15 billion in six-month bills was auctioned at a discount rate of 3.715%, up from 3.670% last week.
The new discount rates understate the actual return to investors -- 3.58% for three-month bills, with a $10,000 bill selling for $9,911.65, and 3.84% for a six-month bill selling for $9,812.19.
Separately, the Federal Reserve said the average yield for one-year Treasury bills rose to 3.82% last week from 3.76% the previous week.
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