Discount Rates Fall in Treasury Bill Auction
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The Treasury Department auctioned $15 billion in three-month bills at a discount rate of 1.120%, down from 1.160% last week. An additional $16 billion in six-month bills was auctioned at a discount rate of 1.140%, down from 1.185%.
The new discount rates understate the actual return to investors -- 1.141% for three-month bills, with a $10,000 bill selling for $9,971.70, and 1.165% for a six-month bill selling for $9,942.40.
In a separate report, the Federal Reserve said the average yield for one-year Treasury bills fell to 1.31% last week from 1.33%.
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