Rates on 3-, 6-Month T-Bills Fall in Auction
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The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 4.975%, down from 4.980% last week. An additional $16 billion in six-month bills was auctioned at a discount rate of 4.975%, down from 5.030% last week.
The new discount rates understate the actual return to investors -- 5.109% for three-month bills, with a $10,000 bill selling for $9,872.86, and 5.174% for a six-month bill selling for $9,748.49.
Separately, the Federal Reserve said the average yield for one-year Treasury bills rose to 5.10% last week from 5.09%.
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