Rates on 3-, 6-Month T-Bills Drop in Auction
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The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 4.960%, down from 4.975% last week. An additional $16 billion in six-month bills was auctioned at a discount rate of 4.970%, down from 4.975% last week.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,874.62, while a six-month bill sold for $9,748.74.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 5.07% last week, down from 5.10% the previous week.
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